Credit Union Board Modernization Act
3/10/2025, 7:25 PMSummary of Bill HR 975
Bill 119 HR 975, also known as the Federal Credit Union Act Amendment, aims to make changes to the current regulations regarding the frequency of board of directors meetings for credit unions. The bill proposes to modify the requirements for how often these meetings must take place, in order to streamline the decision-making process and improve efficiency within credit unions.Specifically, the bill seeks to allow credit unions more flexibility in scheduling board meetings, by removing the current mandate that requires these meetings to be held at least once a month. Instead, the bill proposes that credit unions should be able to determine the frequency of their board meetings based on their individual needs and circumstances.
In addition to modifying the requirements for board meetings, the bill also includes provisions for other purposes related to the Federal Credit Union Act. While the specific details of these additional purposes are not outlined in the summary, it is clear that the overall goal of the bill is to modernize and improve the operations of credit unions in the United States. Overall, Bill 119 HR 975 represents an effort to update and streamline the regulations governing credit unions, with the ultimate aim of promoting efficiency and effectiveness in their operations. It will be interesting to see how this proposed legislation progresses through the legislative process and what impact it may have on the credit union industry.
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Current Status of Bill HR 975
Bill HR 975 is currently in the status of Passed in House since February 10, 2025. Bill HR 975 was introduced during Congress 119 and was introduced to the House on February 4, 2025. Bill HR 975'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 February 11, 2025Bipartisan Support of Bill HR 975
Total Number of Sponsors
10Democrat Sponsors
10Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
39Democrat Cosponsors
19Republican Cosponsors
20Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 975
Primary Policy Focus
Finance and Financial SectorAlternate Title(s) of Bill HR 975
To amend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes.To amend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes.Comments
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Sponsors and Cosponsors of HR 975
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