Credit Union Board Modernization Act

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Bill 119 s 522, also known as the Federal Credit Union Act Amendment, aims to make changes to the Federal Credit Union Act regarding the frequency of board of directors meetings. The bill proposes to modify how often these meetings are held, as well as addressing other related matters.

Specifically, the bill seeks to adjust the current requirements for how often board of directors meetings must take place within federal credit unions. By doing so, the bill aims to streamline the process and potentially increase efficiency within these institutions.

In addition to modifying the frequency of board meetings, the bill also addresses other purposes related to the Federal Credit Union Act. While the specifics of these other purposes are not explicitly outlined in the bill summary, it can be inferred that they are intended to further improve the functioning and governance of federal credit unions. Overall, Bill 119 s 522 represents an effort to update and modernize the regulations governing federal credit unions, with a focus on the frequency of board of directors meetings. The bill aims to make these institutions more effective and responsive to the needs of their members.