S 4808
Privately Insured Credit Unions Conversion Modernization Act
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Bill overview
This bill aims to modernize the process for privately insured credit unions to convert to federal insurance. Specifically, it increases the minimum membership participation required for a conversion vote from 20% to at least 90% and extends the timeframe for holding a conversion vote from 7 to 90 days. These changes are intended to provide privately insured credit unions with more time and a higher threshold for member approval during the conversion process.
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