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Credit Union Board Modernization Act
3/8/2023, 7:58 PM
Summary of Bill HR 6889
Bill 117 HR 6889, also known as the Credit Union Board Modernization Act, aims to make changes to the regulations governing credit unions in the United States. The bill focuses on modernizing the structure and operations of credit union boards to better reflect the needs of the industry and its members.
One key aspect of the bill is the provision that allows credit unions to have more flexibility in the composition of their boards. Currently, credit unions are required to have a certain number of board members with specific qualifications, such as experience in finance or accounting. The Credit Union Board Modernization Act would give credit unions the ability to tailor their board composition to better suit their individual needs and goals.
Additionally, the bill seeks to streamline the regulatory process for credit unions by reducing unnecessary paperwork and administrative burdens. This would allow credit unions to operate more efficiently and focus on serving their members effectively. Overall, the Credit Union Board Modernization Act aims to modernize the governance structure of credit unions and promote their ability to adapt to the changing financial landscape. By providing more flexibility and reducing regulatory burdens, the bill seeks to support the growth and success of credit unions in the United States.
One key aspect of the bill is the provision that allows credit unions to have more flexibility in the composition of their boards. Currently, credit unions are required to have a certain number of board members with specific qualifications, such as experience in finance or accounting. The Credit Union Board Modernization Act would give credit unions the ability to tailor their board composition to better suit their individual needs and goals.
Additionally, the bill seeks to streamline the regulatory process for credit unions by reducing unnecessary paperwork and administrative burdens. This would allow credit unions to operate more efficiently and focus on serving their members effectively. Overall, the Credit Union Board Modernization Act aims to modernize the governance structure of credit unions and promote their ability to adapt to the changing financial landscape. By providing more flexibility and reducing regulatory burdens, the bill seeks to support the growth and success of credit unions in the United States.
Congressional Summary of HR 6889
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 HR 6889
Bill HR 6889 is currently in the status of Introduced to Senate since October 11, 2022. Bill HR 6889 was introduced during Congress 117 and was introduced to the House on March 1, 2022. Bill HR 6889'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 October 11, 2022
Bipartisan Support of Bill HR 6889
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
218Democrat Cosponsors
104Republican Cosponsors
114Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 6889
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 HR 6889
Credit Union Board Modernization Act
Credit Union Board Modernization Act
To amend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes.
Credit Union Board Modernization Act
Credit Union Board Modernization Act
To mend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes.
Comments
Sponsors and Cosponsors of HR 6889
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