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Credit Union Safety: New Rules for Member Expulsion

This act introduces new rules for expelling members from federal credit unions. The goal is to enhance the safety of employees and other members, and to protect against fraud and disruptions. Members will have the right to a hearing before an expulsion decision is made.
Key points
Credit unions can expel members for serious misconduct, including fraud, financial losses, rule violations, or abusive behavior.
A member facing expulsion must be notified and has 15 days to request a hearing with the board of directors.
After expulsion, a member can request reinstatement, which requires a two-thirds vote of members present at a meeting.
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Status:
Expired
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Additional Information
Print number: 117_S_1767
Sponsor: Sen. Smith, Tina [D-MN]
Process start date: 2021-05-20