Both sides have signed this (Bill Ranking)
S. 522 · 119th Congress (2025-2026)
64 members · Left 23 · Center 8 · Right 33 (Bill Ranking)
| Sponsor | Sen. Hagerty, Bill (R-TN) (Introduced 02/11/2025) |
|---|---|
| Sponsor Voting Record | Right · DW-NOMINATE +0.67 · measured from every roll-call vote this member has cast (voteview.com) (Sponsor Ranking) |
| Support |
LLLCLRR support across the spectrum: 64 members signed on (Bill Ranking) this bill: sponsor + current cosponsors, each once |
| Committees | Senate - Banking, Housing, and Urban Affairs Committee; Senate - Banking, Housing, and Urban Affairs Committee |
| Latest Action | 02/11/2025 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 Senate (02/11/2025)
Credit Union Board Modernization Act
This bill revises the required frequency of meetings held by a credit union's board of directors. Specifically, new credit unions and credit unions with a low soundness rating must meet monthly. 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.
119 S522 IS: Credit Union Board Modernization Act U.S. Senate 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. II119th CONGRESS1st SessionS. 522IN THE SENATE OF THE UNITED STATESFebruary 11, 2025Mr. Hagerty (for himself and Ms. Blunt Rochester) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban AffairsA 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)in paragraph (15), by striking monthly each place the 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, in the matter preceding paragraph (1), 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)Not less frequently than monthly during the 5-year period beginning on the date on which the organization certificate of the Federal credit union is approved.(2)After the expiration of the 5-year period described in paragraph (1)—(A)not less frequently than 6 times annually, with at least 1 meeting held during each fiscal quarter, with respect to a Federal credit union—(i)with composite rating of 1 or 2 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system); and(ii)with a capability of management rating under the composite rating described in clause (i) of 1 or 2; and(B)not less frequently than monthly, with respect to a Federal credit union—(i)with composite rating of 3, 4, or 5 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system); or(ii)with a capability of management rating under the composite rating described in clause (i) of 3, 4, or 5..
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 |
|---|---|---|
| 02/11/2025 | Library of Congress | Introduced in Senate |
| 02/11/2025 | Senate | Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. |
| Title Type | Title |
|---|---|
| Display Title | Credit Union Board Modernization Act |
| Short Title(s) as Introduced | Credit Union Board Modernization Act |
| Official Title as Introduced | A bill 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 |
| Senate - Banking, Housing, and Urban Affairs Committee | 02/11/2025 Referred To |
Policy Area: Finance and Financial Sector
No legislative subjects have been assigned yet.
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