Credit Union Board Modernization Act

Bill: 117-hr-6889
Sponsor: Rep. Vargas, Juan [D-CA-51]
Introduced: 2022-03-01 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative remedies
Banking and financial institutions regulation
Corporate finance and management
National Credit Union Administration

Summary:
action_date: 2022-03-01
text: 

Credit Union Board Modernization Act 

 
This bill revises the frequency of meetings required to be held by a credit union's board of directors. Specifically, the bill requires monthly meetings for new credit unions during their first five years and for credit unions with a low soundness rating. 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.

action_date: 2022-09-29
text: 

Credit Union Board Modernization Act 

 
This bill revises the frequency of meetings required to be held by a credit union's board of directors. Specifically, the bill requires monthly meetings for new credit unions during their first five years and for credit unions with a low soundness rating. 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.


Legislative actions:
action_date: 2022-10-11
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2022-09-29
text: Pursuant to section 10 of H. Res. 1396, and the motion offered by Mr. Hoyer, the following bills passed under suspension of the rules: H.R. 1638, as amended; H.R. 3304, as amended; H.R. 4081, as amended; H.R. 4821, as amended; H.R. 6889, as amended; H.R. 6967, as amended; H.R. 8163, as amended; H.R. 8510, as amended; H.R. 8681, as amended; H.R. 8875, as amended; H.R. 8956; S. 1198; and agree to the Senate amendments to H.R. 5641.
action_date: 2022-09-29
text: Passed/agreed to in House: Pursuant to section 10 of H. Res. 1396, and the motion offered by Mr. Hoyer, the following bills passed under suspension of the rules: H.R. 1638, as amended; H.R. 3304, as amended; H.R. 4081, as amended; H.R. 4821, as amended; H.R. 6889, as amended; H.R. 6967, as amended; H.R. 8163, as amended; H.R. 8510, as amended; H.R. 8681, as amended; H.R. 8875, as amended; H.R. 8956; S. 1198; and agree to the Senate amendments to H.R. 5641.
action_date: 2022-09-29
text: Pursuant to the provisions of H. Res. 1396, proceedings on H.R. 6889 are considered vacated.
action_date: 2022-09-29
text: The title of the measure was amended. Agreed to without objection.
action_date: 2022-09-28
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2022-09-28
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 6889.
action_date: 2022-09-28
text: Considered under suspension of the rules. (consideration: CR H8157-8158; text: CR H8157-8158)
action_date: 2022-09-28
text: Ms. Waters moved to suspend the rules and pass the bill, as amended.
action_date: 2022-09-28
text: Placed on the Union Calendar, Calendar No. 386.
action_date: 2022-09-28
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 117-517.
action_date: 2022-09-28
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 117-517.
action_date: 2022-07-27
text: Ordered to be Reported in the Nature of a Substitute (Amended) by Voice Vote.
action_date: 2022-07-27
text: Committee Consideration and Mark-up Session Held.
action_date: 2022-03-01
text: Referred to the House Committee on Financial Services.
action_date: 2022-03-01
text: Introduced in House
action_date: 2022-03-01
text: Introduced in House