Credit Union Board Modernization Act

House Bill

H.R. 975

119th Congress

Credit Union Board Modernization Act

In Committee

Introduced:Feb 7, 2025

Primary Sponsor

Danny K. Davis

Representative

Democratic

IL-7

Cosponsors

22

Quick Stats

Policy Area

Finance and Financial Sector

Summary

This bill reduces required board meeting frequency for most credit unions from monthly to at least six meetings annually with at least one per quarter. New credit unions and those with low soundness ratings must still meet monthly. This modernization gives established, well-performing credit unions more flexibility in board governance.

Latest Action

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

AI Summary

Plain-English explanation of this bill

This bill reduces required board meeting frequency for most credit unions from monthly to at least six meetings annually with at least one per quarter. New credit unions and those with low soundness ratings must still meet monthly. This modernization gives established, well-performing credit unions more flexibility in board governance.

Last updated: 12/30/2025

Official Summary

Congressional Research Service summary

Credit Union Board Modernization Act This bill reduces the required frequency of meetings held by the board of directors of certain credit unions. Under the bill, new credit unions and credit unions with a low soundness rating must meet monthly, as required under current law. All other credit unions must hold at least six meetings annually, with at least one meeting held during each fiscal quarter.

Key Points

Main provisions of the bill

Reduces credit union board meeting requirements
Requires minimum 6 meetings annually for most credit unions
At least one meeting required per fiscal quarter
New credit unions still must meet monthly
Low soundness rating credit unions meet monthly
Modernizes governance for established credit unions

How This Impacts Americans

Potential effects on citizens and communities

This bill provides regulatory relief for well-performing credit unions while maintaining oversight of newer and troubled institutions. Monthly board meetings can be burdensome for volunteer directors at smaller credit unions. Allowing established credit unions to meet quarterly with additional meetings as needed aligns with modern governance practices while preserving safety and soundness. The tiered approach ensures appropriate oversight based on institution risk.

Policy Areas

Primary Policy Area

Finance and Financial Sector

Related Subjects

Administrative remedies

Banking and financial institutions regulation

Corporate finance and management

National Credit Union Administration

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

975, 119th Congress (2025). "Credit Union Board Modernization Act". Source: Voter's Right Platform. https://votersright.org/bills/118-hr-975