Credit Union Board Meeting Frequency Bill
Official: Credit Union Board Modernization Act
This bill updates the rules for how often boards of directors at credit unions need to meet. It helps ensure that credit unions are managed effectively based on their performance.
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.
1. This bill changes how often credit union boards must meet. 2. New credit unions must meet at least once a month for five years. 3. After five years, stronger credit unions can meet six times a year. 4. Weaker credit unions must continue to meet monthly. 5. The bill aims to improve credit union management and oversight.
Credit union board members and their management teams.