Bill > HR975

This bill modifies the meeting requirements for credit union boards of directors under the Federal Credit Union Act. Specifically, it establishes different meeting frequencies based on a credit union's age and performance rating. For new ("de novo") credit unions, boards must meet monthly during the first five years of existence. For well-performing credit unions with a high composite rating of 1 or 2 under the Uniform Financial Institutions Rating System, boards must meet at least six times per year, with at least one meeting in each fiscal quarter. Credit unions with lower performance ratings (3, 4, or 5) will be required to meet at least monthly. The bill removes the previous blanket requirement that boards meet monthly, instead creating a more nuanced approach that ties meeting frequency to the credit union's operational health and maturity. This change aims to provide flexibility for high-performing credit unions while ensuring more frequent oversight for those with potential operational challenges.

Business and Industry, Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/house-bill/975/all-info