H.R. 975: Credit Union Board Modernization Act (119th Congress) Bill Summary

This bill, known as the Credit Union Board Modernization Act, proposes changes to how often the boards of directors at federal credit unions are required to meet. The main aspects of the bill include:

Key Provisions

Modification of Meeting Requirements: Currently, federal credit union boards must meet at least once a month. The proposed legislation would remove this monthly requirement.
New Meeting Frequency Guidelines:
- For newly established (de novo) federal credit unions, the board must meet at least once a month for the first five years.
- For established federal credit unions with high performance ratings (composite ratings of 1 or 2), the boards would need to meet at least six times a year, ensuring at least one meeting during each fiscal quarter.
- For credit unions with lower performance ratings (composite ratings of 3, 4, or 5), the boards must meet at least once a month.

Other Considerations

The changes are intended to allow more flexibility in the governance of federal credit unions, potentially reducing the frequency of meetings for boards of well-managed credit unions while maintaining accountability for those with lower ratings. This could help streamline operations and reduce administrative burdens that may come from mandatory monthly meetings.

Relevant Companies

None found

This is an AI-generated summary of the bill text. There may be mistakes.

Actions

9 actions

Date	Action
Feb. 11, 2025	Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Feb. 10, 2025	Considered under suspension of the rules. (consideration: CR H601-603)
Feb. 10, 2025	DEBATE - The House proceeded with forty minutes of debate on H.R. 975.
Feb. 10, 2025	Motion to reconsider laid on the table Agreed to without objection.
Feb. 10, 2025	Mr. Hill (AR) moved to suspend the rules and pass the bill.
Feb. 10, 2025	On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H601-602)
Feb. 10, 2025	Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H601-602)
Feb. 04, 2025	Introduced in House
Feb. 04, 2025	Referred to the House Committee on Financial Services.

Corporate Lobbying

0 companies lobbying

None found.

* Note that there can be significant delays in lobbying disclosures, and our data may be incomplete.

Potentially Relevant Congressional Stock Trades

No relevant congressional stock trades found.