H.R. 975 · Passed House · Finance and Financial Sector

Credit Union Board Modernization Act

Sponsor: Juan Vargas (D-CA)

What it does

• Reduce the minimum annual board meetings for well-performing credit unions from 12 to 6 meetings.
• Require new credit unions to continue holding monthly board meetings as under current law.
• Require low-soundness-rated credit unions to continue holding monthly board meetings as under current law.
• Mandate that all other credit unions hold at least one board meeting per fiscal quarter.

Official summary

Credit Union Board Modernization Act This bill reduces the required frequency of meetings held by the board of directors of certain credit unions. Under the bill, new credit unions and credit unions with a low soundness rating must meet monthly, as required under current law. All other credit unions must hold at least six meetings annually, with at least one meeting held during each fiscal quarter.

Latest action

Feb 11, 2025: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Committee: Senate Banking, Housing, and Urban Affairs