Federal RuleAug 21
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DOL Rewrites Disability Rules for 'Merit-Based Opportunity' Push
RuleLabor DepartmentFederal Contract Compliance Programs OfficeSignificant Wallet
119-hr-975119th CongressWALLET
Credit Union Board Modernization Act
Sponsored By: Representative Vargas, Juan [D-CA-52]
Passed House
Summary
This bill creates a new, tiered meeting schedule that ties federal credit union board oversight to a credit union's age and performance. It replaces a one-size-fits-all monthly meeting rule with different minimum frequencies for new, well-rated, and poorly rated institutions.
Show full summary
- De novo (new) federal credit unions must meet at least monthly during each of their first five years. This keeps close oversight while a credit union is getting established.
- Federal credit unions with strong ratings (composite and management ratings of 1 or 2) must meet at least six times per year, with at least one meeting in each fiscal quarter. This lowers the meeting burden for higher-performing boards.
- Federal credit unions with weaker ratings (composite or management ratings of 3, 4, or 5) must meet at least once a month. This preserves frequent oversight where performance is a concern.
- The bill uses the Uniform Financial Institutions Rating System (UFIRS) or an equivalent rating framework to determine meeting tiers. This links the cadence directly to existing supervisory ratings.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
New board meeting schedule for credit unions
If enacted, this bill would replace the current monthly board meeting rule for Federal credit unions with a tiered schedule. Newly chartered Federal credit unions would need to meet at least once a month during each of their first five years. Credit unions with both a composite rating of 1 or 2 and a management rating of 1 or 2 would need at least six meetings a year, with one each fiscal quarter. Credit unions with a composite rating of 3, 4, or 5, or a management rating of 3, 4, or 5, would need monthly meetings. Ratings would be based on the Uniform Financial Institutions Rating System or an equivalent system.
Sponsors & CoSponsors
Sponsor
Vargas, Juan [D-CA-52]
CA • D
Cosponsors
Rep. Huizenga, Bill [R-MI-4]
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
Rep. Davidson, Warren [R-OH-8]
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
Rep. Fulcher, Russ [R-ID-1]
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
Rep. Griffith, H. Morgan [R-VA-9]
VA • R
Sponsored 2/7/2025
Rep. Finstad, Brad [R-MN-1]
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
Rep. Nunn, Zachary [R-IA-3]
IA • R
Sponsored 2/10/2025
Rep. Timmons, William R. [R-SC-4]
SC • R
Sponsored 2/10/2025
Rep. Peters, Scott H. [D-CA-50]
CA • D
Sponsored 2/10/2025
Rep. Lucas, Frank D. [R-OK-3]
OK • R
Sponsored 2/10/2025
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov