# 119-hr-975: Credit Union Board Modernization Act

119-hr-975, Credit Union Board Modernization Act, is a 119th Congress bill sponsored by Rep. Vargas, Juan [D-CA-52] (D-CA); status passed_house; PRIA reads it as touching household money (as of 2026-09-21).

- Canonical: https://policyrisk.com/legislation/119-hr-975
- As of: 2026-09-21
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-hr-975
- Congress: 119
- Title: Credit Union Board Modernization Act
- Status: passed_house
- Introduced: 2025-02-04
- Sponsor: Rep. Vargas, Juan [D-CA-52] (D-CA)
- Cosponsors: 22
- Policy area: Finance and Financial Sector
- Touches household money: yes
- Last recorded action: 2026-09-21

## 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. - 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.

## Cosponsors (22)

- Rep. Huizenga, Bill [R-MI-4] (R-MI), 2025-02-04T00:00:00.000Z
- Rep. Casten, Sean [D-IL-6] (D-IL), 2025-02-07T00:00:00.000Z
- Rep. Scholten, Hillary J. [D-MI-3] (D-MI), 2025-02-07T00:00:00.000Z
- Rep. Davidson, Warren [R-OH-8] (R-OH), 2025-02-07T00:00:00.000Z
- Rep. Meuser, Daniel [R-PA-9] (R-PA), 2025-02-07T00:00:00.000Z
- Rep. Foster, Bill [D-IL-11] (D-IL), 2025-02-07T00:00:00.000Z
- Rep. Kim, Young [R-CA-40] (R-CA), 2025-02-07T00:00:00.000Z
- Rep. Issa, Darrell [R-CA-48] (R-CA), 2025-02-07T00:00:00.000Z
- Rep. Fulcher, Russ [R-ID-1] (R-ID), 2025-02-07T00:00:00.000Z
- Rep. Carbajal, Salud O. [D-CA-24] (D-CA), 2025-02-07T00:00:00.000Z
- Rep. Meeks, Gregory W. [D-NY-5] (D-NY), 2025-02-07T00:00:00.000Z
- Rep. Griffith, H. Morgan [R-VA-9] (R-VA), 2025-02-07T00:00:00.000Z
- Rep. Finstad, Brad [R-MN-1] (R-MN), 2025-02-07T00:00:00.000Z
- Rep. Titus, Dina [D-NV-1] (D-NV), 2025-02-07T00:00:00.000Z
- Rep. Chu, Judy [D-CA-28] (D-CA), 2025-02-07T00:00:00.000Z
- Rep. Sherman, Brad [D-CA-32] (D-CA), 2025-02-07T00:00:00.000Z
- Rep. Costa, Jim [D-CA-21] (D-CA), 2025-02-10T00:00:00.000Z
- Rep. Williams, Nikema [D-GA-5] (D-GA), 2025-02-10T00:00:00.000Z
- Rep. Nunn, Zachary [R-IA-3] (R-IA), 2025-02-10T00:00:00.000Z
- Rep. Timmons, William R. [R-SC-4] (R-SC), 2025-02-10T00:00:00.000Z
- Rep. Peters, Scott H. [D-CA-50] (D-CA), 2025-02-10T00:00:00.000Z
- Rep. Lucas, Frank D. [R-OK-3] (R-OK), 2025-02-10T00:00:00.000Z

## Provisions PRIA read

- New board meeting schedule for credit unions: mixed, low. 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…

## Related bills

- 119-hr-842: Nancy Gardner Sewell Medicare Multi-Cancer Early Detection Screening Coverage Act
- 119-hr-2102: Major Richard Star Act
- 119-hr-4382: America’s Olympic and Paralympic Games Commemorative Coins Act
- 119-hr-1502: North Platte Canteen Congressional Gold Medal Act
- 119-hr-1262: Mikaela Naylon Give Kids a Chance Act
- 119-hr-9877: Health Equity and Accountability Act of 2026

## Sources
- [119-hr-975 on Congress.gov](https://www.congress.gov/bill/119th-congress/house-bill/975)

## Related
- [119-hr-842: Nancy Gardner Sewell Medicare Multi-Cancer Early Detection Screening Coverage A…](https://policyrisk.com/legislation/119-hr-842)
- [119-hr-2102: Major Richard Star Act](https://policyrisk.com/legislation/119-hr-2102)
- [119-hr-4382: America’s Olympic and Paralympic Games Commemorative Coins Act](https://policyrisk.com/legislation/119-hr-4382)
- [119-hr-1502: North Platte Canteen Congressional Gold Medal Act](https://policyrisk.com/legislation/119-hr-1502)
- [119-hr-1262: Mikaela Naylon Give Kids a Chance Act](https://policyrisk.com/legislation/119-hr-1262)
- [119-hr-9877: Health Equity and Accountability Act of 2026](https://policyrisk.com/legislation/119-hr-9877)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-hr-975 (as of 2026-09-21).