summary
Introduced
02/11/2025
02/11/2025
In Committee
02/11/2025
02/11/2025
Crossed Over
Passed
Dead
Introduced Session
119th Congress
Bill Summary
A bill to amend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes.
AI Summary
This bill modifies the frequency of board of directors meetings for federal credit unions, establishing a two-tiered approach to meeting requirements based on the credit union's performance rating. During the first five years after a credit union receives its organizational certificate, the board must meet at least monthly. After that initial period, the meeting frequency depends on the credit union's composite and management ratings under the Uniform Financial Institutions Rating System (UFIRS). Credit unions with high ratings (1 or 2) can reduce their meeting frequency to at least six times per year, with at least one meeting per fiscal quarter. Conversely, credit unions with lower ratings (3, 4, or 5) must continue to meet monthly. This change aims to provide more flexibility for well-performing credit unions while maintaining closer oversight for those with potential performance challenges. The bill modernizes the existing Federal Credit Union Act by allowing more adaptable meeting schedules based on an institution's financial health and management capabilities.
Committee Categories
Housing and Urban Affairs
Sponsors (57)
Bill Hagerty (R)*,
Angela Alsobrooks (D),
Tammy Baldwin (D),
Jim Banks (R),
John Barrasso (R),
Marsha Blackburn (R),
Lisa Blunt Rochester (D),
John Boozman (R),
Katie Boyd Britt (R),
Ted Budd (R),
Shelley Moore Capito (R),
Bill Cassidy (R),
Susan Collins (R),
Chris Coons (D),
Catherine Cortez Masto (D),
Tom Cotton (R),
Kevin Cramer (R),
Mike Crapo (R),
John Curtis (R),
Steve Daines (R),
Joni Ernst (R),
Deb Fischer (R),
Ruben Gallego (D),
John Hickenlooper (D),
John Hoeven (R),
Jon Husted (R),
James Justice (R),
Tim Kaine (D),
Andy Kim (D),
Angus King (I),
Amy Klobuchar (D),
Mike Lee (R),
Ben Ray Luján (D),
Jeff Merkley (D),
Bernie Moreno (R),
Lisa Murkowski (R),
Jon Ossoff (D),
Alex Padilla (D),
Gary Peters (D),
Jack Reed (D),
Pete Ricketts (R),
Jim Risch (R),
Mike Rounds (R),
Adam Schiff (D),
Rick Scott (R),
Jeanne Shaheen (D),
Tim Sheehy (R),
Elissa Slotkin (D),
Tina Smith (D),
Dan Sullivan (R),
Thom Tillis (R),
Tommy Tuberville (R),
Chris Van Hollen (D),
Mark Warner (D),
Raphael Warnock (D),
Sheldon Whitehouse (D),
Todd Young (R),
Last Action
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 02/11/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/119th-congress/senate-bill/522/all-info |
| BillText | https://www.congress.gov/119/bills/s522/BILLS-119s522is.pdf |
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