Senate Bill 4325
117th Congress(2021-2022)
Credit Union Board Modernization Act
Introduced
Introduced in Senate on May 26, 2022
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
4325
Congress
117
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
No Senate votes have been held for this bill.
Summary
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.
May 26, 2022
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05/26/2022
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
05/26/2022
Introduced in Senate
Public Record
Record Updated
Mar 8, 2023 8:12:14 PM