Privately Insured Credit Unions Conversion Modernization Act

Key Points

• This bill changes the rules for credit unions that want to switch from private insurance to federal government insurance. It removes a requirement that at least 20 percent of all members must vote on the change for it to be valid.
• The bill also gives members more time to understand the change before a vote happens. Credit unions would have to notify their members at least 90 days before the vote, which is much longer than the current requirement of 7 to 30 days.
• These changes are meant to modernize how credit unions move into the federal insurance system. By removing the turnout requirement and increasing the notice time, Cortez Masto and Moreno aim to make the process more flexible while keeping members informed.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.