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Credit Union Board Modernization Act
3/8/2023, 8:12 PM
Congressional Summary of S 4325
Credit Union Board Modernization Act
This bill revises the frequency of meetings required to be held by a credit union's board of directors. Specifically, the bill requires monthly meetings for new credit unions during their first five years and for credit unions with a low soundness rating. 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.
Read the Full Bill
Current Status of Bill S 4325
Bill S 4325 is currently in the status of Bill Introduced since May 26, 2022. Bill S 4325 was introduced during Congress 117 and was introduced to the Senate on May 26, 2022. Bill S 4325's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of May 26, 2022
Bipartisan Support of Bill S 4325
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
20Democrat Cosponsors
8Republican Cosponsors
12Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 4325
Primary Policy Focus
Finance and Financial SectorPotential Impact Areas
- Administrative remedies
- Banking and financial institutions regulation
- Corporate finance and management
- National Credit Union Administration
Alternate Title(s) of Bill S 4325
Credit Union Board Modernization Act
Credit Union Board Modernization Act
A bill to amend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes.
Comments
Sponsors and Cosponsors of S 4325
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