Credit Union Board Modernization Act

Sponsored bySen. Hagerty, Bill [R-TN]TN· Introduced 11 February 2025

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Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

11 February 2025·1 year ago

Summary

Introduced in Senate · Updated 26 September 2025

Credit Union Board Modernization Act

This bill revises the required frequency of meetings held by a credit union's board of directors. Specifically, new credit unions and credit unions with a low soundness rating must meet monthly. 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.

Timeline

2 actions

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
11 February 2025 · IntroReferral
Introduced in Senate
11 February 2025 · IntroReferral

Sponsorship

63 cosponsors

Sponsor

Sen. Hagerty, Bill [R-TN]TN

Cosponsors

Democrat2346%
Republican2754%

Republican:Sen. Moody, Ashley [R-FL]FL
Democrat:Sen. Hassan, Margaret Wood [D-NH]NH
Republican:Sen. Hyde-Smith, Cindy [R-MS]MS
Republican:Sen. Wicker, Roger F. [R-MS]MS
Democrat:Sen. Kelly, Mark [D-AZ]AZ
Democrat:Sen. Welch, Peter [D-VT]VT
Democrat:Sen. Murray, Patty [D-WA]WA
Democrat:Sen. Gallego, Ruben [D-AZ]AZ
Democrat:Sen. Luján, Ben Ray [D-NM]NM
Democrat:Sen. Ossoff, Jon [D-GA]GA
Democrat:Sen. Warnock, Raphael G. [D-GA]GA
Republican:Sen. Scott, Rick [R-FL]FL
Republican:Sen. Banks, Jim [R-IN]IN
Republican:Sen. Husted, Jon [R-OH]OH
Democrat:Sen. Baldwin, Tammy [D-WI]WI
Democrat:Sen. Van Hollen, Chris [D-MD]MD
Republican:Sen. Sheehy, Tim [R-MT]MT
Republican:Sen. Capito, Shelley Moore [R-WV]WV
Republican:Sen. Blackburn, Marsha [R-TN]TN
Democrat:Sen. Slotkin, Elissa [D-MI]MI
Democrat:Sen. Hickenlooper, John W. [D-CO]CO
Democrat:Sen. Smith, Tina [D-MN]MN
Democrat:Sen. Kim, Andy [D-NJ]NJ
Democrat:Sen. Alsobrooks, Angela D. [D-MD]MD
Republican:Sen. Moreno, Bernie [R-OH]OH
Democrat:Sen. Schiff, Adam B. [D-CA]CA
Democrat:Sen. Shaheen, Jeanne [D-NH]NH
Republican:Sen. Tillis, Thomas [R-NC]NC
Democrat:Sen. Peters, Gary C. [D-MI]MI
Republican:Sen. Ernst, Joni [R-IA]IA
Democrat:Sen. Padilla, Alex [D-CA]CA
Republican:Sen. Cotton, Tom [R-AR]AR
Republican:Sen. Cassidy, Bill [R-LA]LA
Republican:Sen. Justice, James C. [R-WV]WV
Republican:Sen. Sullivan, Dan [R-AK]AK
Democrat:Sen. Warner, Mark R. [D-VA]VA
Republican:Sen. Rounds, Mike [R-SD]SD
Democrat:Sen. Whitehouse, Sheldon [D-RI]RI
Republican:Sen. Curtis, John R. [R-UT]UT
Republican:Sen. Britt, Katie Boyd [R-AL]AL
Republican:Sen. Young, Todd [R-IN]IN
Republican:Sen. Boozman, John [R-AR]AR
Republican:Sen. Murkowski, Lisa [R-AK]AK
Republican:Sen. Barrasso, John [R-WY]WY
Republican:Sen. Daines, Steve [R-MT]MT
Republican:Sen. Ricketts, Pete [R-NE]NE
Republican:Sen. Risch, James E. [R-ID]ID
Democrat:Sen. Reed, Jack [D-RI]RI
Democrat:Sen. Coons, Christopher A. [D-DE]DE
Republican:Sen. Crapo, Mike [R-ID]ID

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Classification

Policy area

Finance and Financial Sector

Track Credit Union Board Modernization Act as it moves through Congress