HR 1151 is also known as what?

HR 1151 is known as the Credit Union Membership Act (CUMAA). This significant piece of legislation was enacted to broaden membership eligibility for credit unions, thereby enhancing access to credit union services for more individuals. The act aimed to make credit unions more inclusive by allowing certain occupational or associational groups to become members, facilitating a community-oriented model.

The Credit Union Membership Act is crucial as it reflects the evolution of credit unions and their role in promoting financial inclusion, which aligns with their cooperative principles. This legislation is instrumental in ensuring that a wider range of individuals can benefit from credit union services, ultimately supporting the mission of credit unions to serve their members effectively.