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S 522119th CongressIntroduced
Credit Union Board Modernization Act
Introduced: Oct 31, 2025
Financial Services
Standard Summary
Comprehensive overview in 1-2 paragraphs
The Credit Union Board Modernization Act amends the Federal Credit Union Act to revise board meeting frequency requirements, establishing tiered standards based on credit union age and safety ratings while maintaining oversight for higher-risk institutions through mandatory monthly meetings.
Key Points
- 1Mandates monthly board meetings for all federal credit unions during their first five years after charter approval regardless of performance ratings.
- 2Allows credit unions with top safety ratings (composite 1-2) to reduce meetings to six annually after five years, requiring at least one per fiscal quarter.
- 3Requires continued monthly board meetings for credit unions with lower safety ratings (composite 3-5) to ensure enhanced regulatory oversight and risk management.
Impact Areas
All federal credit unions nationwideCredit union board directors and governance structuresNational Credit Union Administration examiners and regulators
Generated by legislative-analyst-pro on Oct 31, 2025