Credit Union Board Modernization Act

3/12/2025, 4:38 PM

Summary of Bill S 522

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.

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Current Status of Bill S 522

Bill S 522 is currently in the status of Bill Introduced since February 11, 2025. Bill S 522 was introduced during Congress 119 and was introduced to the Senate on February 11, 2025.  Bill S 522's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of February 11, 2025

Bipartisan Support of Bill S 522

Total Number of Sponsors
9
Democrat Sponsors
0
Republican Sponsors
9
Unaffiliated Sponsors
0
Total Number of Cosponsors
1
Democrat Cosponsors
1
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 522

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill S 522

A bill to amend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes.A bill to 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 S 522

R
Bill Hagerty
Tennessee(Republican)
R
Lisa Blunt Rochester
Delaware(Democrat)
R
Mike Lee
Utah(Republican)
R
Angus S. King Jr.
Maine(Independent)
R
Tommy Tuberville
Alabama(Republican)
R
John Hoeven
North Dakota(Republican)

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