Credit Union Board Modernization Act

2/16/2024, 3:28 PM

Congressional Summary of HR 582

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.

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Current Status of Bill HR 582

Bill HR 582 is currently in the status of Bill Introduced since January 26, 2023. Bill HR 582 was introduced during Congress 118 and was introduced to the House on January 26, 2023.  Bill HR 582's most recent activity was Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of January 31, 2023

Bipartisan Support of Bill HR 582

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
60
Democrat Cosponsors
27
Republican Cosponsors
33
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 582

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

Administrative remediesBanking and financial institutions regulationCorporate finance and managementNational Credit Union Administration

Alternate Title(s) of Bill HR 582

Credit Union Board Modernization ActCredit Union Board Modernization ActCredit Union Board Modernization ActTo amend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes.
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Sponsors and Cosponsors of HR 582

Juan Vargas
Juan Vargas
California(Democrat)
Tim Walberg
Tim Walberg
Michigan(Republican)
Dina Titus
Dina Titus
Nevada(Democrat)

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