Bill · H.R. 975· House(119-HR-975)
Credit Union Board Modernization Act
- Introduced
- 2/4/2025
- Last activity
- 2/11/2025 — Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Sponsored by
- Juan Vargas
- Cosponsors
- - 11 - 11
- Introduced
- Passed House
- In Senate committee
What this bill would do
This bill, known as the "Credit Union Board Modernization Act," seeks to amend the Federal Credit Union Act. The primary goal is to modify how often a board of directors must meet. It replaces the requirement for all boards to meet at least once a month with a tiered system based on the credit union's circumstances. Different meeting frequencies would apply to new credit unions, those with high ratings, and those with lower ratings.
Yes
Would business owners be better off under this?+3
Provides operational flexibility and reduced regulatory burden for credit union management.
Does this make it easier to run a small business?+3
Reduces administrative burdens for stable credit unions by allowing less frequent board meetings.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
- Flexibility for established, high-performing credit unions: Under Section 2, paragraph (2), credit unions with a composite rating or management rating of 1 or 2 would only be required to meet at least six times annually, with one meeting per quarter. This allows well-rated institutions more flexibility in their operations.
Potential Negative Impacts for People
-
Increased meeting requirements for lower-rated credit unions: According to Section 2, paragraph (3), credit unions with a composite or management rating of 3, 4, or 5 must still meet at least once a month. This maintains a stricter oversight schedule for these specific groups.
-
Specific requirements for new credit unions: Section 2, paragraph (1) requires de novo Federal credit unions to meet at least once a month during their first five years of existence.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Business Owners+3
- Economy And Finance
- Improves Small Business Support+3
- 2/11/2025
- Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 2/10/2025
- Motion to reconsider laid on the table Agreed to without objection.
- Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H601-602)
- On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H601-602)
- DEBATE - The House proceeded with forty minutes of debate on H.R. 975.
- Considered under suspension of the rules. (consideration: CR H601-603)
- Mr. Hill (AR) moved to suspend the rules and pass the bill.
- 6 Cosponsors added.
- 2/7/2025
- 15 Cosponsors added.
- 2/4/2025
- Referred to the House Committee on Financial Services.
- 1 Cosponsor added.
- Introduced in House
4 bills Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Jim CostaDemocrat · California
Judy ChuDemocrat · California
Salud CarbajalDemocrat · California
Sean CastenDemocrat · Illinois
Warren DavidsonRepublican · Ohio
Bill FosterDemocrat · Illinois
Russ FulcherRepublican · Idaho
Brad FinstadRepublican · Minnesota
H. GriffithRepublican · Virginia
Bill HuizengaRepublican · Michigan
Darrell IssaRepublican · California
Young KimRepublican · California
Frank LucasRepublican · Oklahoma
Gregory MeeksDemocrat · New York
Daniel MeuserRepublican · Pennsylvania
Zachary NunnRepublican · Iowa
Scott PetersDemocrat · California
Brad ShermanDemocrat · California
Hillary ScholtenDemocrat · Michigan
Dina TitusDemocrat · Nevada
William TimmonsRepublican · South Carolina
Nikema WilliamsDemocrat · Georgia