H.R. 6889: Credit Union Board Modernization Act
Legislation Details
117th Congress
To mend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes.
Sponsor: Rep. Juan Vargas — D — CA
Revises the frequency of meetings required to be held by a credit union's board of directors. Specifically, the bill requires monthly meetings for new credit unions during their first five years and for credit unions with a low soundness rating. All other credit unions must hold at least six meetings annually, with at least one meeting held during each fiscal quarter. Currently, all credit union boards must meet at least once a month.
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