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Credit Union Board Meetings Modernized: Flexible Schedules Based on Performance

This act modifies the frequency of board meetings for federal credit unions, tailoring requirements based on their age and financial health. Citizens might indirectly benefit from more efficient credit union management, potentially leading to improved services and financial stability. The changes aim to enhance the operational effectiveness of these institutions.
Key points
New credit unions (up to 5 years old) must still meet monthly to ensure a stable start.
Stable credit unions (with good ratings) will meet less frequently, at least 6 times annually, with one meeting each quarter.
Credit unions with lower ratings will still be required to meet monthly to ensure close oversight.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 118_HR_582
Sponsor: Rep. Vargas, Juan [D-CA-52]
Process start date: 2023-01-26
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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 118_HR_582.

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 2023-01-26.

What are the main provisions?

Key points include:

  • New credit unions (up to 5 years old) must still meet monthly to ensure a stable start.
  • Stable credit unions (with good ratings) will meet less frequently, at least 6 times annually, with one meeting each quarter.
  • Credit unions with lower ratings will still be required to meet monthly to ensure close 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-52].

What is the latest detailed status?

The latest detailed status is: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H501)

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Economy