summary
Introduced
03/01/2022
03/01/2022
In Committee
07/27/2022
07/27/2022
Crossed Over
10/11/2022
10/11/2022
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
AN ACT To amend the Federal Credit Union Act to modify the fre- quency of board of directors meetings, and for other purposes.
AI Summary
This bill, the Credit Union Board Modernization Act, amends the Federal Credit Union Act to modify the frequency of board of directors meetings for federal credit unions. The bill establishes different meeting requirements based on the credit union's financial rating and management capability. Credit unions with a strong financial rating (composite rating of 1 or 2) and capable management must meet at least six times annually, while those with a weaker rating (3, 4, or 5) must meet monthly. The bill also specifies that newly established (de novo) credit unions must meet monthly for the first five years of operation. The bill aims to provide credit unions with more flexibility in scheduling board meetings while ensuring appropriate oversight based on their financial health and management capacity.
Committee Categories
Business and Industry, Housing and Urban Affairs
Sponsors (110)
Juan Vargas (D)*,
Alma Adams (D),
Pete Aguilar (D),
Mark Amodei (R),
Kelly Armstrong (R),
Brian Babin (R),
Andy Barr (R),
Cliff Bentz (R),
Stephanie Bice (R),
Gus Bilirakis (R),
Sanford Bishop (D),
Earl Blumenauer (D),
Suzanne Bonamici (D),
Carolyn Bourdeaux (D),
Julia Brownley (D),
Ted Budd (R),
Tim Burchett (R),
Ken Calvert (R),
Salud Carbajal (D),
Tony Cárdenas (D),
Jerry Carl (R),
Ed Case (D),
Sean Casten (D),
Judy Chu (D),
Steve Cohen (D),
Jim Cooper (D),
Jim Costa (D),
Angie Craig (D),
Jason Crow (D),
Sharice Davids (D),
Warren Davidson (R),
Rodney Davis (R),
Mark DeSaulnier (D),
Tom Emmer (R),
Anna Eshoo (D),
Dwight Evans (D),
Randy Feenstra (R),
Brad Finstad (R),
Michelle Fischbach (R),
Brian Fitzpatrick (R),
Russ Fulcher (R),
John Garamendi (D),
Andrew Garbarino (R),
Anthony Gonzalez (R),
Morgan Griffith (R),
Glenn Grothman (R),
Jaime Herrera Beutler (R),
Ashley Hinson (R),
Steven Horsford (D),
Jared Huffman (D),
Bill Huizenga (R),
Darrell Issa (R),
Dusty Johnson (R),
Mike Johnson (R),
Kaiali'i Kahele (D),
Mike Kelly (R),
Trent Kelly (R),
Dan Kildee (D),
Derek Kilmer (D),
Young Kim (R),
David Kustoff (R),
Doug LaMalfa (R),
Doug Lamborn (R),
Rick Larsen (D),
Jake LaTurner (R),
Susie Lee (D),
Mike Levin (D),
Ted Lieu (D),
Barry Loudermilk (R),
Alan Lowenthal (D),
Elaine Luria (D),
Nancy Mace (R),
Tracey Mann (R),
Kathy Manning (D),
Lisa McClain (R),
Betty McCollum (D),
David McKinley (R),
Mary Miller (R),
Mariannette Miller-Meeks (R),
Alex Mooney (R),
Barry Moore (R),
Blake Moore (R),
Joe Neguse (D),
Ralph Norman (R),
Eleanor Holmes Norton (D),
Jay Obernolte (R),
Jimmy Panetta (D),
Scott Peters (D),
Dean Phillips (D),
Katie Porter (D),
Bill Posey (R),
Lucille Roybal-Allard (D),
John Rutherford (R),
Michael San Nicolas (D),
Linda Sánchez (D),
Adam Schiff (D),
David Scott (D),
Pete Sessions (R),
Brad Sherman (D),
Pete Stauber (R),
Michelle Steel (R),
Eric Swalwell (D),
William Timmons (R),
Dina Titus (D),
Norma Torres (D),
David Valadao (R),
Jackie Walorski (R),
Susan Wild (D),
Nikema Williams (D),
Joe Wilson (R),
Last Action
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 10/11/2022)
Official Document
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