Plain English
GovGreed Synthesis ·
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.
Market Impact Map
Action Timeline
2025-02-11
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2025-02-10
Motion to reconsider laid on the table Agreed to without objection.
2025-02-10
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H601-602)
2025-02-10
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H601-602)
2025-02-10
DEBATE - The House proceeded with forty minutes of debate on H.R. 975.
2025-02-10
Considered under suspension of the rules. (consideration: CR H601-603)
2025-02-10
Mr. Hill (AR) moved to suspend the rules and pass the bill.
2025-02-04
Referred to the House Committee on Financial Services.
2025-02-04
Introduced in House
2025-02-04
Introduced in House
Full Bill Text
119 HR 975 EH: Credit Union Board Modernization Act U.S. House of Representatives text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. I 119th CONGRESS 1st Session H. R. 975 IN THE HOUSE OF REPRESENTATIVES AN ACT To amend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes. 1. Short title This Act may be cited as the Credit Union Board Modernization Act . 2. Frequency of board of directors meetings Section 113 of the Federal Credit Union Act ( 12 U.S.C. 1761b ) is amended— (1) by striking monthly each place such term appears; (2) in the matter preceding paragraph (1), by striking The board of directors and inserting the following: (a) In general The board of directors ; (3) in subsection (a) (as so designated), by striking shall meet at least once a month and ; and (4) by adding at the end the following: (b) Meetings The board of directors of a Federal credit union shall meet as follows: (1) With respect to a de novo Federal credit union, not less frequently than monthly during each of the first five years of the existence of such Federal credit union. (2) Not less than six times annually, with at least one meeting held during each fiscal quarter, with respect to a Federal credit union— (A) with composite rating of either 1 or 2 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system); and (B) with a capability of management rating under such composite rating of either 1 or 2. (3) Not less frequently than once a month, with respect to a Federal credit union— (A) with composite rating of either 3, 4, or 5 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system); or (B) with a capability of management rating under such composite rating of either 3, 4, or 5. . Passed the House of Representatives February 10, 2025. Kevin F. McCumber, Clerk.
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