Govwatch

Introduced

In Committee

Passed One Chamber

4

Passed Both

5

Signed into Law

Sponsor

Juan Vargas

Democrat · CA · Representative

Votes with party: 97.6% (539 recorded votes)

Full profile: /officials/V000130

Source: Congress.gov · FEC

Cosponsors (22)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

Latest Action

The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

2025-02-11

Source: Congress.gov

Committee Activity

Currently in

Senate Committee on Banking, Housing, and Urban AffairsReferred To · 2025-02-11
House Committee on Financial ServicesReferred To · 2025-02-04

Previously

Banking, Housing, and Urban Affairs CommitteeReferred To · 2025-02-11
Financial Services CommitteeReferred To · 2025-02-04

Plain-English Summary

Credit Union Board Modernization Act This bill reduces the required frequency of meetings held by the board of directors of certain credit unions. Under the bill, new credit unions and credit unions with a low soundness rating must meet monthly, as required under current law. All other credit unions must hold at least six meetings annually, with at least one meeting held during each fiscal quarter.

Plain-English rewrite of the Congressional Research Service summary published on Congress.gov. Cached and reviewed.

Affected Industries

Industries and interest groups with a stake in how this bill is resolved. Compare with each member's outside-money backers on their finance page.

Finance & Banking

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Subjects

Finance and Financial Sector

Full Bill Text

Verbatim text published on Congress.gov via GovInfo. Use Cmd+F / Ctrl+F to search within this excerpt.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 975 Engrossed in House (EH)] <DOC> 119th CONGRESS 1st Session H. R. 975 _______________________________________________________________________ AN ACT To amend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Credit Union Board Modernization Act''. SEC. 2. FREQUENCY OF BOARD OF DIRECTORS MEETINGS. Section 113 of the Federal Credit Union Act (12 U.S.C. 1761b) is amended-- (1) by striking ``monthly'' each place such term appears; (2) in the matter preceding paragraph (1), by striking ``The board of directors'' and inserting the following: ``(a) In General.--The board of directors''; (3) in subsection (a) (as so designated), by striking ``shall meet at least once a month and''; and (4) by adding at the end the following: ``(b) Meetings.--The board of directors of a Federal credit union shall meet as follows: ``(1) With respect to a de novo Federal credit union, not less frequently than monthly during each of the first five years of the existence of such Federal credit union. ``(2) Not less than six times annually, with at least one meeting held during each fiscal quarter, with respect to a Federal credit union-- ``(A) with composite rating of either 1 or 2 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system); and ``(B) with a capability of management rating under such composite rating of either 1 or 2. ``(3) Not less frequently than once a month, with respect to a Federal credit union-- ``(A) with composite rating of either 3, 4, or 5 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system); or ``(B) with a capability of management rating under such composite rating of either 3, 4, or 5.''. Passed the House of Representatives February 10, 2025. Attest: Clerk. 119th CONGRESS 1st Session H. R. 975 _______________________________________________________________________ AN ACT To amend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes.

Open clean-text view Read on Congress.gov →

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