H.R. 6889 · 117th Congress
Credit Union Board Modernization Act
- Stage
- Passed a chamber
- Sponsor
- Juan Vargas
- Introduced
- 2022-03-01
- Latest action
- 2022-10-11 · Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Summary
Credit Union Board Modernization Act
This bill revises the frequency of meetings required to be held by a credit union's board of directors. Specifically, the bill requires monthly meetings for new credit unions during their first five years and for credit unions with a low soundness rating. All other credit unions must hold at least six meetings annually, with at least one meeting held during each fiscal quarter. Currently, all credit union boards must meet at least once a month.