Both sides have signed this (Bill Ranking)
H.R. 975 · 119th Congress (2025-2026)
23 members · Left 9 · Center 3 · Right 11 (Bill Ranking)
| Sponsor | Rep. Vargas, Juan (D-CA) (Introduced 02/04/2025) |
|---|---|
| Sponsor Voting Record | Lean left · DW-NOMINATE -0.40 · measured from every roll-call vote this member has cast (voteview.com) (Sponsor Ranking) |
| Support |
LLLCLRR support across the spectrum: 23 members signed on (Bill Ranking) this bill: sponsor + current cosponsors, each once |
| Committees | Senate - Banking, Housing, and Urban Affairs Committee; House - Financial Services Committee |
| Latest Action | 02/11/2025 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. |
| Roll Call Votes | There have been no roll call votes |
| Source | view on congress.gov → |
Introduced in House (02/04/2025)
Credit Union Board Modernization Act
This bill reduces the required frequency of meetings held by the board of directors of certain credit unions. Under the bill, new credit unions and credit unions with a low soundness rating must meet monthly, as required under current law. All other credit unions must hold at least six meetings annually, with at least one meeting held during each fiscal quarter.
119 HR 975 EH: Credit Union Board Modernization Act U.S. House of Representatives text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. I 119th CONGRESS1st Session H. R. 975
IN THE HOUSE OF REPRESENTATIVES AN ACT To amend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes.
1.Short titleThis Act may be cited as the Credit Union Board Modernization Act.
2.Frequency of board of directors meetingsSection 113 of the Federal Credit Union Act (12 U.S.C. 1761b) is amended— (1)by striking monthly each place such term appears; (2)in the matter preceding paragraph (1), by striking The board of directors and inserting the following: (a)In generalThe board of directors; (3)in subsection (a) (as so designated), by striking shall meet at least once a month and; and (4)by adding at the end the following: (b)MeetingsThe board of directors of a Federal credit union shall meet as follows: (1)With respect to a de novo Federal credit union, not less frequently than monthly during each of the first five years of the existence of such Federal credit union. (2)Not less than six times annually, with at least one meeting held during each fiscal quarter, with respect to a Federal credit union— (A)with composite rating of either 1 or 2 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system); and (B)with a capability of management rating under such composite rating of either 1 or 2. (3)Not less frequently than once a month, with respect to a Federal credit union— (A)with composite rating of either 3, 4, or 5 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system); or (B)with a capability of management rating under such composite rating of either 3, 4, or 5.. Passed the House of Representatives February 10, 2025.Kevin F. McCumber,Clerk.
119 HR 975 IH: Credit Union Board Modernization Act U.S. House of Representatives 2025-02-04 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. I119th CONGRESS1st SessionH. R. 975IN THE HOUSE OF REPRESENTATIVESFebruary 4, 2025Mr. Vargas (for himself and Mr. Huizenga) introduced the following bill; which was referred to the Committee on Financial ServicesA BILLTo amend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes.1.Short titleThis Act may be cited as the Credit Union Board Modernization Act.2.Frequency of board of directors meetingsSection 113 of the Federal Credit Union Act (12 U.S.C. 1761b) is amended—(1)by striking monthly each place such term appears;(2)in the matter preceding paragraph (1), by striking The board of directors and inserting the following:(a)In generalThe board of directors; (3)in subsection (a) (as so designated), by striking shall meet at least once a month and; and(4)by adding at the end the following:(b)MeetingsThe board of directors of a Federal credit union shall meet as follows:(1)With respect to a de novo Federal credit union, not less frequently than monthly during each of the first five years of the existence of such Federal credit union.(2)Not less than six times annually, with at least one meeting held during each fiscal quarter, with respect to a Federal credit union—(A)with composite rating of either 1 or 2 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system); and(B)with a capability of management rating under such composite rating of either 1 or
2.(3)Not less frequently than once a month, with respect to a Federal credit union—(A)with composite rating of either 3, 4, or 5 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system); or(B)with a capability of management rating under such composite rating of either 3, 4, or 5..
119 HR 975 : Credit Union Board Modernization Act U.S. House of Representatives 2025-02-11 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. IIB 119th CONGRESS1st Session H. R. 975
IN THE SENATE OF THE UNITED STATES February 11, 2025 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT To amend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes.
1.Short titleThis Act may be cited as the Credit Union Board Modernization Act.
2.Frequency of board of directors meetingsSection 113 of the Federal Credit Union Act (12 U.S.C. 1761b) is amended— (1)by striking monthly each place such term appears; (2)in the matter preceding paragraph (1), by striking The board of directors and inserting the following: (a)In generalThe board of directors; (3)in subsection (a) (as so designated), by striking shall meet at least once a month and; and (4)by adding at the end the following: (b)MeetingsThe board of directors of a Federal credit union shall meet as follows: (1)With respect to a de novo Federal credit union, not less frequently than monthly during each of the first five years of the existence of such Federal credit union. (2)Not less than six times annually, with at least one meeting held during each fiscal quarter, with respect to a Federal credit union— (A)with composite rating of either 1 or 2 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system); and (B)with a capability of management rating under such composite rating of either 1 or 2. (3)Not less frequently than once a month, with respect to a Federal credit union— (A)with composite rating of either 3, 4, or 5 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system); or (B)with a capability of management rating under such composite rating of either 3, 4, or 5.. Passed the House of Representatives February 10, 2025.Kevin F. McCumber,Clerk.
The bill's own words, from our database (synced from the GPO BILLS XML); paragraph breaks added at the bill's section boundaries, nothing else changed.
| Date | Chamber | All Actions |
|---|---|---|
| 02/04/2025 | Library of Congress | Introduced in House |
| 02/04/2025 | Library of Congress | Introduced in House |
| 02/04/2025 | House floor actions | Referred to the House Committee on Financial Services. |
| 02/10/2025 | House floor actions | Mr. Hill (AR) moved to suspend the rules and pass the bill. |
| 02/10/2025 | House floor actions | Considered under suspension of the rules. (consideration: CR H601-603) |
| 02/10/2025 | House floor actions | DEBATE - The House proceeded with forty minutes of debate on H.R. 975. |
| 02/10/2025 | Library of Congress | Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H601-602) |
| 02/10/2025 | House floor actions | On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H601-602) |
| 02/10/2025 | House floor actions | Motion to reconsider laid on the table Agreed to without objection. |
| 02/11/2025 | Senate | Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. |
| Title Type | Title |
|---|---|
| Official Titles from EH (Engrossed in House) bill text | To amend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes. |
| Short Titles from RFS (Referred to Senate) bill text | Credit Union Board Modernization Act |
| Short Title(s) as Passed House | Credit Union Board Modernization Act |
| Display Title | Credit Union Board Modernization Act |
| Short Title(s) as Introduced | Credit Union Board Modernization Act |
| Official Title as Introduced | To amend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes. |
There are no amendments to this bill.
* = Original cosponsor
| Committee | Activity |
|---|---|
| Senate - Banking, Housing, and Urban Affairs Committee | 02/11/2025 Referred To |
| House - Financial Services Committee | 02/04/2025 Referred To |
Policy Area: Finance and Financial Sector
All data on this page comes from our own database (legislation.congress_* tables), synced daily from the GPO govinfo BILLSTATUS and BILLS collections. Formatted after congress.gov; nothing is generated. Member placement is their DW-NOMINATE score (voteview.com, Lewis et al.) - a measurement of roll-call voting behavior, not our judgement. Buckets: Left below −0.50 · Lean Left to −0.25 · Center to +0.25 · Lean Right to +0.50 · Right above +0.50. The bill's Support meter aggregates the people who signed the bill - sponsor and current cosponsors, each counted once - nothing else.