HR 975
Passed a chamber
Sets how often federal credit union boards must meet based on the credit union's regulatory rating, allowing six meetings a year for the strongest-rated credit unions while keeping monthly meetings for those rated weaker.
Official title: Credit Union Board Modernization Act
Timeline each lane is a chamber; dates pull from congress.gov actions
House
Introduced
04-FEB-2025
Referred
04-FEB-2025
Passed
10-FEB-2025
Senate
Received
11-FEB-2025
- Replaces the blanket monthly board meeting requirement in the Federal Credit Union Act with rating-based schedules.
- Credit unions rated 1 or 2 under the Uniform Financial Institutions Rating System must meet at least six times a year, with at least one meeting each fiscal quarter.
- Credit unions rated 3, 4, or 5 must continue to meet at least once a month.
- Newly formed (de novo) credit unions must meet monthly during their first five years.
Covers an older version. The newest CRS summary describes the bill as of "Introduced in House" (04-FEB-2025); the text has changed since (Engrossed in House, 10-FEB-2025).
CRS is the Library of Congress's nonpartisan research office. Read it on congress.govFinance and Financial Sector
■ 11 R■ 11 D
11 Democrats
11 Republicans