Credit Union Board Modernization Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Overview
This bill changes the required meeting frequency for credit union boards of directors. It establishes a tiered system, with new credit unions and those with low soundness ratings needing to meet monthly. All other credit unions must hold at least six meetings per year, ensuring at least one meeting occurs in each fiscal quarter. The changes are designed to improve board oversight and financial stability within the credit union system.
Key provisions
- New credit unions and those with low soundness ratings must meet monthly.
- All other credit unions must hold at least six meetings annually.
- At least one meeting must be held during each fiscal quarter for all credit unions.
- The bill amends the Federal Credit Union Act to reflect these changes.
- The changes apply to credit unions with a composite rating of 1 or 2 under the Uniform Financial Institutions Rating System.
- Credit unions with a composite rating of 3, 4, or 5 can meet less frequently, but still require at least quarterly meetings.
Who is affected
- Federal credit unions
- Credit union board members
- Credit union regulators
Notable changes
- Increases the required meeting frequency for certain credit unions.
- Introduces a tiered meeting frequency system based on credit union rating.
Bill text
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