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Congress·Passed House·H.R. 975

Credit Union Board Meeting Requirements

Credit Union Board Modernization Act

about 1 year ago·View on Congress.gov
Part of: House Passes Bill to Reduce Board Meeting Frequency for Top Credit Unions
⏸

Stalled

No legislative action in over 90 days.

Legislative Progress

✓ House
Senate
President
Law

Key Points

  • This bill changes how often the leaders of federal credit unions are required to meet. Currently, the law says these boards must meet every single month, regardless of how well the credit union is performing financially.
  • Under the new rules, credit unions with high safety and management ratings would only be required to meet six times a year. They would still need to meet at least once every three months to ensure they are staying on track.
  • New credit unions that have been open for less than five years would still be required to meet every month. This ensures that newer organizations get more oversight while they are getting established.
  • Credit unions that are struggling or have lower financial ratings would also keep the monthly meeting requirement. This allows regulators to keep a closer eye on institutions that might be at risk of having financial problems.
  • The goal of this change is to reduce the time and cost of holding unnecessary meetings for healthy credit unions. Many board members are volunteers, and this allows them to focus more on serving their members rather than administrative tasks.

Milestones

3 milestones9 actions
Feb 11, 2025Senate

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

Feb 10, 2025House

Motion to reconsider laid on the table Agreed to without objection.

Feb 10, 2025House

On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H601-602)

Feb 10, 2025

Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H601-602)

Feb 10, 2025House

DEBATE - The House proceeded with forty minutes of debate on H.R. 975.

Related Bills

2 bills
S. 522Related bill

Credit Union Board Modernization Act

Feb 11 — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

H.R. 185Related bill

Responsible Legislating Act

Mar 14 — Referred to the Subcommittee on Livestock, Dairy, and Poultry.

Source Information

Document Type

Congressional Bill

Official Title

Credit Union Board Modernization Act

Bill NumberHR 975
Congress119th Congress
ChamberHouse of Representatives
Latest ActionReceived in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sponsor

Cosponsors

(22)
D: 11R: 11

Analysis generated by AI. Always verify with official sources.