Credit Union Board Modernization Act
Sponsored By: Senator Bill Hagerty
Introduced
Summary
Creates a tiered, performance-based meeting schedule for federal credit union boards. This bill would tie how often a board must meet to a credit union’s age and its ratings under the Uniform Financial Institutions Rating System (UFIRS) and a management capability rating, replacing a blanket monthly requirement with a two-stage cadence.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
New meeting rules for credit unions
This bill would change how often boards of Federal credit unions must meet. For the first five years after a credit union's organization certificate is approved, boards would meet at least monthly. After that period, credit unions with both a composite rating of 1 or 2 and a management capability rating of 1 or 2 would meet at least six times a year, with at least one meeting each fiscal quarter. Credit unions with a composite rating of 3, 4, or 5 or a management capability rating of 3, 4, or 5 would still have to meet at least monthly.
Sponsors & CoSponsors
Sponsor
Bill Hagerty
TN • R
Cosponsors
Lisa Blunt Rochester
DE • D
Sponsored 2/11/2025
Tommy Tuberville
AL • R
Sponsored 2/27/2025
Mike Lee
UT • R
Sponsored 3/3/2025
John Hoeven
ND • R
Sponsored 3/3/2025
Kevin Cramer
ND • R
Sponsored 3/3/2025
Ted Budd
NC • R
Sponsored 3/3/2025
Angus King
ME • I
Sponsored 3/3/2025
Amy Klobuchar
MN • D
Sponsored 3/5/2025
Catherine Cortez Masto
NV • D
Sponsored 3/5/2025
Susan Collins
ME • R
Sponsored 3/5/2025
Deb Fischer
NE • R
Sponsored 3/5/2025
Timothy Kaine
VA • D
Sponsored 3/6/2025
Jeff Merkley
OR • D
Sponsored 3/6/2025
Christopher Coons
DE • D
Sponsored 3/10/2025
Mike Crapo
ID • R
Sponsored 3/10/2025
John Reed
RI • D
Sponsored 3/11/2025
James Risch
ID • R
Sponsored 3/13/2025
Pete Ricketts
NE • R
Sponsored 3/14/2025
John Barrasso
WY • R
Sponsored 3/26/2025
Steve Daines
MT • R
Sponsored 3/26/2025
Lisa Murkowski
AK • R
Sponsored 4/1/2025
John Boozman
AR • R
Sponsored 4/4/2025
Katie Britt
AL • R
Sponsored 4/7/2025
Todd Young
IN • R
Sponsored 4/7/2025
Sheldon Whitehouse
RI • D
Sponsored 4/10/2025
John Curtis
UT • R
Sponsored 4/10/2025
Mike Rounds
SD • R
Sponsored 4/30/2025
Mark Warner
VA • D
Sponsored 4/30/2025
Dan Sullivan
AK • R
Sponsored 5/6/2025
James Justice
WV • R
Sponsored 5/8/2025
Bill Cassidy
LA • R
Sponsored 5/13/2025
Alex Padilla
CA • D
Sponsored 5/13/2025
Tom Cotton
AR • R
Sponsored 5/13/2025
Joni Ernst
IA • R
Sponsored 5/14/2025
Thomas Tillis
NC • R
Sponsored 5/19/2025
Gary Peters
MI • D
Sponsored 5/19/2025
Jeanne Shaheen
NH • D
Sponsored 6/12/2025
Adam Schiff
CA • D
Sponsored 6/25/2025
Bernie Moreno
OH • R
Sponsored 6/25/2025
Angela Alsobrooks
MD • D
Sponsored 7/9/2025
Andy Kim
NJ • D
Sponsored 7/15/2025
Tina Smith
MN • D
Sponsored 7/16/2025
John Hickenlooper
CO • D
Sponsored 7/21/2025
Elissa Slotkin
MI • D
Sponsored 8/1/2025
Marsha Blackburn
TN • R
Sponsored 9/9/2025
Shelley Capito
WV • R
Sponsored 9/30/2025
Tim Sheehy
MT • R
Sponsored 10/9/2025
Chris Van Hollen
MD • D
Sponsored 10/30/2025
Tammy Baldwin
WI • D
Sponsored 11/4/2025
Jon Husted
OH • R
Sponsored 11/19/2025
Jim Banks
IN • R
Sponsored 12/2/2025
Raphael Warnock
GA • D
Sponsored 12/16/2025
Rick Scott
FL • R
Sponsored 12/16/2025
Jon Ossoff
GA • D
Sponsored 12/18/2025
Sen. Luján, Ben Ray [D-NM]
NM • D
Sponsored 12/18/2025
Ruben Gallego
AZ • D
Sponsored 1/28/2026
Patty Murray
WA • D
Sponsored 2/10/2026
Mark Kelly
AZ • D
Sponsored 3/4/2026
Peter Welch
VT • D
Sponsored 3/4/2026
Roger Wicker
MS • R
Sponsored 3/5/2026
Cindy Hyde-Smith
MS • R
Sponsored 3/17/2026
Maggie Hassan
NH • D
Sponsored 3/25/2026
Roll Call Votes
No roll call votes available for this bill.
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