Credit Union Board Modernization Act
Sponsored By: Representative 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.
Sponsors & CoSponsors
Sponsor
Vargas, Juan [D-CA-52]
CA • D
Cosponsors
Rep. Huizenga, Bill [R-MI-4]
MI • R
Sponsored 2/4/2025
Casten
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
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
Costa
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
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