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Changes to Federal Credit Union Board Meeting Frequency

New rules adjust how often federal credit union boards must meet. This aims to align requirements with the credit union's financial health, potentially impacting operational efficiency and financial stability, which in turn affects the security of citizens' funds.
Key points
New credit unions (up to 5 years old) must still meet monthly.
Stable credit unions (with high ratings) can meet less often, at least 6 times annually.
Credit unions with lower ratings must continue to meet monthly to ensure oversight.
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Expired
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Additional Information
Print number: 117_HR_6889
Sponsor: Rep. Vargas, Juan [D-CA-51]
Process start date: 2022-03-01
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Credit Union Board Modernization Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_6889.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-03-01.

What are the main provisions?

Key points include:

  • New credit unions (up to 5 years old) must still meet monthly.
  • Stable credit unions (with high ratings) can meet less often, at least 6 times annually.
  • Credit unions with lower ratings must continue to meet monthly to ensure oversight.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Vargas, Juan [D-CA-51].

What is the latest detailed status?

The latest detailed status is: Pursuant to section 10 of H. Res. 1396, and the motion offered by Mr. Hoyer, the following bills passed under suspension of the rules: H.R. 1638, as amended; H.R. 3304, as amended; H.R. 4081, as amended; H.R. 4821, as amended; H.R. 6889, as amended; H.R. 6967, as amended; H.R. 8163, as amended; H.R. 8510, as amended; H.R. 8681, as amended; H.R. 8875, as amended; H.R. 8956; S. 1198; and agree to the Senate amendments to H.R. 5641.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Economy