Credit Union Board Modernization Act

2/16/2024, 3:28 PM

Credit Union Board Modernization Act

This bill revises the required frequency of meetings held by a credit union's board of directors. Specifically, new credit unions and credit unions with a low soundness rating must meet monthly. All other credit unions must hold at least six meetings annually, with at least one meeting held during each fiscal quarter. Currently, all credit union boards must meet at least once a month.

Congress
118
Number
HR - 582
Introduced on
2023-01-26
# Amendments
0
Sponsors
+5
Cosponsors
+5

Variations and Revisions

1/31/2023
Text
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Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

Credit Union Board Modernization Act

This bill revises the required frequency of meetings held by a credit union's board of directors. Specifically, new credit unions and credit unions with a low soundness rating must meet monthly. All other credit unions must hold at least six meetings annually, with at least one meeting held during each fiscal quarter. Currently, all credit union boards must meet at least once a month.

Alternative Names
Official Title as IntroducedTo amend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes.
Policy Areas
Finance and Financial Sector
Potential Impact
Administrative remedies•
Banking and financial institutions regulation•
Corporate finance and management•
National Credit Union Administration

Comments

Recent Activity

Latest Summary2/6/2023

Credit Union Board Modernization Act

This bill revises the required frequency of meetings held by a credit union's board of directors. Specifically, new credit unions and credit unions with a low soundness rating must meet monthly....

Latest Action1/31/2023
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.