Credit Union Board Modernization Act

# Credit Union Board Modernization Act Summary **What the bill does:** This bill changes how often credit union boards of directors must meet. Currently, all credit unions must hold monthly board meetings. Under this bill, most credit unions would only need to meet at least six times per year (once per quarter), while newly created credit unions and those with poor financial ratings would still meet monthly as before. **Who it affects:** Credit unions and their members would be most directly affected.

Credit unions are member-owned financial institutions similar to banks. The bill would give established, financially healthy credit unions more flexibility in scheduling their board meetings, potentially reducing administrative costs. **Current status:** The bill passed the House of Representatives and is pending consideration in the Senate. It's a relatively narrow legislative change focused on administrative procedures rather than major policy shifts.