HR975119th CongressWALLET

Credit Union Board Modernization Act

Sponsored By: Representative Rep. Vargas, Juan [D-CA-52]

Passed House

Summary

Creates a tiered meeting schedule for Federal credit union boards tied to a credit union's age and safety ratings. This bill would require monthly meetings for new and underperforming credit unions while allowing fewer meetings for well-rated, established ones.

Show full summary
  • De novo credit unions must hold board meetings at least once a month during their first five years.
  • Federal credit unions with strong ratings (composite 1 or 2 and management rating 1 or 2) must meet at least six times a year, with at least one meeting each fiscal quarter.
  • Credit unions with weaker ratings (composite 3, 4, or 5 or a capability of management rating of 3, 4, or 5) must meet monthly.
  • The change reorganizes Section 113 of the Federal Credit Union Act and does not authorize new funding or alter other non-meeting provisions.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 0 benefits, 0 costs, 1 mixed.

New board meeting rules for credit unions

If enacted, this bill would change how often Federal credit union boards must meet. New (de novo) credit unions would have to meet at least once a month during each of their first five years. Credit unions rated composite 1 or 2 and with management rating 1 or 2 would have to meet at least six times a year, with at least one meeting each fiscal quarter. Credit unions with composite or management ratings of 3, 4, or 5 would have to meet at least once a month. Ratings mean the Uniform Financial Institutions Rating System or a similar system.

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Sponsors & CoSponsors

Sponsor

Rep. Vargas, Juan [D-CA-52]

CA • D

Cosponsors

  • Huizenga

    MI • R

    Sponsored 2/4/2025

  • Rep. Casten, Sean [D-IL-6]

    IL • D

    Sponsored 2/7/2025

  • Rep. Scholten, Hillary J. [D-MI-3]

    MI • D

    Sponsored 2/7/2025

  • Davidson

    OH • R

    Sponsored 2/7/2025

  • Rep. Meuser, Daniel [R-PA-9]

    PA • R

    Sponsored 2/7/2025

  • Rep. Foster, Bill [D-IL-11]

    IL • D

    Sponsored 2/7/2025

  • Rep. Kim, Young [R-CA-40]

    CA • R

    Sponsored 2/7/2025

  • Rep. Issa, Darrell [R-CA-48]

    CA • R

    Sponsored 2/7/2025

  • Fulcher

    ID • R

    Sponsored 2/7/2025

  • Rep. Carbajal, Salud O. [D-CA-24]

    CA • D

    Sponsored 2/7/2025

  • Rep. Meeks, Gregory W. [D-NY-5]

    NY • D

    Sponsored 2/7/2025

  • Griffith

    VA • R

    Sponsored 2/7/2025

  • Finstad

    MN • R

    Sponsored 2/7/2025

  • Rep. Titus, Dina [D-NV-1]

    NV • D

    Sponsored 2/7/2025

  • Rep. Chu, Judy [D-CA-28]

    CA • D

    Sponsored 2/7/2025

  • Rep. Sherman, Brad [D-CA-32]

    CA • D

    Sponsored 2/7/2025

  • Rep. Costa, Jim [D-CA-21]

    CA • D

    Sponsored 2/10/2025

  • Rep. Williams, Nikema [D-GA-5]

    GA • D

    Sponsored 2/10/2025

  • Nunn (IA)

    IA • R

    Sponsored 2/10/2025

  • Timmons

    SC • R

    Sponsored 2/10/2025

  • Peters

    CA • D

    Sponsored 2/10/2025

  • Lucas

    OK • R

    Sponsored 2/10/2025

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov

Live Policy Activity

Live

Surfaced from PRIA's policy knowledge graph — ranked by signal strength, connected by evidence.

Live · 14h ago15,853Bills1,439Wiki4 signals surfaced
Now TrackingHR8495
Moving· 4 days in stage

Financial Services and General Government Appropriations Act, 2027

Rep. Joyce, David P. [R-OH-14] (R-OH)
IntroducedApr 24
Cmte Reported
Passed Origin Chbr
Passed Second Chbr
Resolving Diffs
Enrolled
Became Law
Current StageIntroduced· 4d

Appropriations package that would fund Treasury and IRS while imposing rulemaking limits and detailed DC policy constraints, affecting taxpayers, community lenders, and DC residents.

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