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119th Congress · H.R. 975 · Passed Origin

Credit Union Board Modernization Act

This bill reduces the required frequency of meetings held by the board of directors of certain credit unions. Under the bill, new credit unions and credit unions with a low soundness rating must meet monthly, as required under current law. All other credit unions must hold at least six meetings annually, with at least one meeting held during each fiscal quarter.

Full bill text →

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SubjectsAdministrative remediesBanking and financial institutions regulationCorporate finance and managementNational Credit Union Administration
Sponsor
Juan Vargas, D-CA-52
7 terms · @RepJuanVargas
Official website ↗
2467 Rayburn House Office Building Washington DC 20515-0552 · 202-225-8045
Cosponsors (22)
  • Bill Huizenga, R-MI-4Original cosponsor
    Co-sponsored Feb 4, 2025 · 8 terms · @RepHuizenga
  • Sean Casten, D-IL-6
    Co-sponsored Feb 7, 2025 · 4 terms · @RepCasten
  • Hillary J. Scholten, D-MI-3
    Co-sponsored Feb 7, 2025 · 2 terms · @RepScholten
  • Warren Davidson, R-OH-8
    Co-sponsored Feb 7, 2025 · 6 terms · @WarrenDavidson
  • Daniel Meuser, R-PA-9
    Co-sponsored Feb 7, 2025 · 4 terms · @RepMeuser
  • Bill Foster, D-IL-11
    Co-sponsored Feb 7, 2025 · 9 terms · @RepBillFoster
  • Young O. Kim, R-CA-40
    Co-sponsored Feb 7, 2025 · 3 terms · @RepYoungKim
  • Darrell E. Issa, R-CA-48
    Co-sponsored Feb 7, 2025 · 12 terms · @repdarrellissa
  • Russ Fulcher, R-ID-1
    Co-sponsored Feb 7, 2025 · 4 terms · @RepRussFulcher
  • Salud O. Carbajal, D-CA-24
    Co-sponsored Feb 7, 2025 · 5 terms · @RepCarbajal
  • Gregory W. Meeks, D-NY-5
    Co-sponsored Feb 7, 2025 · 15 terms · @RepGregoryMeeks
  • H. M. Griffith, R-VA-9
    Co-sponsored Feb 7, 2025 · 8 terms · @RepMGriffith
  • Brad Finstad, R-MN-1
    Co-sponsored Feb 7, 2025 · 3 terms · @RepFinstad
  • Dina Titus, D-NV-1
    Co-sponsored Feb 7, 2025 · 8 terms · @RepDinaTitus
  • Judy M. Chu, D-CA-28
    Co-sponsored Feb 7, 2025 · 9 terms · @RepJudyChu
  • Brad J. Sherman, D-CA-32
    Co-sponsored Feb 7, 2025 · 15 terms · @BradSherman
  • Jim Costa, D-CA-21
    Co-sponsored Feb 10, 2025 · 11 terms · @RepJimCosta
  • Nikema N. Williams, D-GA-5
    Co-sponsored Feb 10, 2025 · 3 terms · @RepNikema
  • Zachary (Zach) M. Nunn, R-IA-3
    Co-sponsored Feb 10, 2025 · 2 terms · @ZachNunn
  • William R. Timmons, R-SC-4
    Co-sponsored Feb 10, 2025 · 4 terms · @RepTimmons
  • Scott H. Peters, D-CA-50
    Co-sponsored Feb 10, 2025 · 7 terms · @RepScottPeters
  • Frank D. Lucas, R-OK-3
    Co-sponsored Feb 10, 2025 · 17 terms · @RepFrankLucas
Committees (2)
  • Banking, Housing, and Urban Affairs Committee
    Senate Standing · Activity Feb 11, 2025
  • Financial Services Committee
    House Standing · Activity Feb 4, 2025
Actions (10)
  1. Feb 11, 2025 · via Senate
    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  2. Feb 10, 2025 · via House floor actions
    Motion to reconsider laid on the table Agreed to without objection.
  3. Feb 10, 2025 · via House floor actions
    On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H601-602)
  4. Feb 10, 2025 · via Library of Congress
    Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H601-602)
  5. Feb 10, 2025 · via House floor actions
    DEBATE - The House proceeded with forty minutes of debate on H.R. 975.
  6. Feb 10, 2025 · via House floor actions
    Considered under suspension of the rules. (consideration: CR H601-603)
  7. Feb 10, 2025 · via House floor actions
    Mr. Hill (AR) moved to suspend the rules and pass the bill.
  8. Feb 4, 2025 · via House floor actions
    Referred to the House Committee on Financial Services.
  9. Feb 4, 2025 · via Library of Congress
    Introduced in House
  10. Feb 4, 2025 · via Library of Congress
    Introduced in House
IntroducedFeb 4, 2025
Policy areaFinance and Financial Sector
RelatedH.R. 6955 · S. 522 · H.R. 6644 · H.R. 185
SourceView on Congress.gov ↗
Bill textRead full text →

Constitutional authority cited

[Congressional Record Volume 171, Number 23 (Tuesday, February 4, 2025)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. VARGAS:H.R. 975.Congress has the power to enact this legislation pursuantto the following:(1) To make all Laws which shall be necessary and properfor carrying into Execution the foregoing Powers, and allother Powers vested by this Constitution in the Government ofthe United States, or in any Department or Officer thereof,as enumerated in Article I, Section 8, Clause 18 of the U.S.Constitution.[Page H461]
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