Credit Union Board Modernization Act

Bill: 116-hr-5981
Sponsor: full_name: Rep. Porter, Katie [D-CA-45]
Introduced: 2020-02-26
Policy area: Finance and Financial Sector
Subjects: Administrative remedies

National Credit Union Administration
Latest action: action_date: 2020-02-26
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2020-02-26
action_desc: Introduced in House
text: <p><b>Credit Union Board Modernization Act </b></p> <p>This bill reduces the frequency of meetings required to be held by a credit union's board of directors. Specifically, the bill requires at least six meetings annually, with at least one meeting held during each fiscal quarter. Currently, boards must meet at least once a month. </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 5981 IN THE HOUSE OF REPRESENTATIVES February 26, 2020 Ms. Porter (for herself and Mr. Amodei ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes.

1. Short title This Act may be cited as the Credit Union Board Modernization Act . 2. Frequency of board of directors meetings Section 113 of the Federal Credit Union Act ( 12 U.S.C. 1761b ) is amended— (1) by striking at least once a month and inserting not less than six times annually, with at least one meeting held during each fiscal quarter, ; and (2) by striking monthly each place such term appears.