Also known as: Credit Union Board Modernization Act
Legislative Progress
✓ Filed
Review
Senate
House
President
Key Points
This bill changes how often the leaders of federal credit unions are required to meet. Currently, all federal credit union boards must meet once every month, regardless of how well the institution is performing.
Under the new rules, credit unions that have been open for at least five years and have high safety and management ratings would only be required to meet six times a year. They would still have to meet at least once every three months.
New credit unions that have been in business for less than five years would still be required to meet every month to ensure they are getting off to a strong and stable start.
Credit unions with lower financial or management ratings would also be required to continue meeting monthly. This ensures that the government can keep a closer eye on institutions that might be facing challenges.
The goal of this change is to reduce the amount of time and paperwork for well-run credit unions. Supporters believe this will allow these local financial institutions to focus more on serving their members and less on administrative tasks.
Milestones
2 milestones2 actions
Feb 11, 2025Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Feb 11, 2025
Introduced in Senate
Source Information
Document Type
Congressional Bill
Official Title
Credit Union Board Modernization Act
Bill NumberS 522
Congress119th Congress
ChamberSenate
Latest ActionRead twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Analysis generated by AI. While we strive for accuracy, this should not be considered legal or professional advice. Always verify information with official government sources.