Credit Union Board Modernization: Fewer Meetings for Stable Institutions.
This Act modifies the required frequency of board of directors meetings for Federal credit unions. For most stable and well-managed credit unions, the monthly meeting requirement is reduced to at least six times annually. This change aims to ease administrative burdens on these institutions, potentially leading to more efficient management of your finances and services.
Key points
The monthly board meeting requirement is maintained only for new credit unions (during their first 5 years) and those with lower financial stability or management ratings.
Stable credit unions (with a rating of 1 or 2) will only need to meet at least 6 times annually, with a minimum of one meeting per fiscal quarter.
The change seeks to modernize governance and potentially reduce operational costs for well-performing credit unions, which may affect the quality of financial services offered to members.
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