Credit Union Board Modernization Act

The Credit Union Board Modernization Act would change meeting requirements for credit union boards of directors. Currently, all credit unions must hold monthly board meetings. This bill would allow most credit unions to reduce their meeting frequency to at least six meetings per year, with at least one meeting required during each fiscal quarter. However, new credit unions and those with low soundness ratings would continue to meet monthly as they do now.

The practical effect of this change would be to reduce administrative burden and costs for established, well-performing credit unions by allowing them more flexibility in scheduling board meetings. Credit unions are member-owned financial institutions that serve millions of Americans, so changes to their governance could indirectly affect members through operational efficiency gains or cost savings.

The bill passed the House of Representatives on February 4, 2025, and was received in the Senate on February 11, 2025, where it was referred to the Committee on Banking, Housing, and Urban Affairs. The bill would only take effect if it passes the Senate committee review, receives a full Senate vote, and is signed into law.