Congressional Budget Office Cost Estimate: H.R. 2311, Credit Union Governance Modernization Act of 2021   [open pdf - 160KB]

This is the Congressional Budget Office Cost Estimate as ordered reported by the House Committee on Financial Services on November 16, 2021. From the Document: "H.R. 2311 would add a new procedure for expelling members from a federal credit union. Under current law, federal credit unions may expel members under two circumstances: by a majority vote of the board of directors of a credit union for nonparticipation according to a policy adopted by that credit union or by a two-thirds vote of the credit union membership present at a meeting called for the purpose of expelling a member. H.R. 2311 would allow federal credit unions to expel members for cause by a two-thirds vote of the directors of the credit union. Under the bill, the National Credit Union Administration (NCUA) would be required to conduct rulemaking to establish the procedures credit unions must follow to expel members under that authority."

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