Credit Union Board Modernization Act

The Credit Union Board Modernization Act would change how often credit union boards must meet. Currently, all credit union boards are required to hold meetings at least once per month. If enacted, this bill would reduce that requirement for most credit unions to at least six meetings per year, with the requirement that at least one meeting occurs during each fiscal quarter. However, new credit unions and those with low soundness ratings would still be required to meet monthly under the proposed changes.

For everyday citizens who use credit unions, this change could affect how frequently their institution's leadership reviews operations and makes decisions. The bill's supporters may argue that reducing meeting requirements for well-established, financially sound credit unions allows boards to operate more efficiently. Those with concerns might question whether less frequent meetings could impact oversight of credit union operations. The bill is currently in the committee stage and has not yet been voted on by the full Senate.