HR 582 United States House · 118th Congress

Credit Union Board Modernization Act

HR 582, the Credit Union Board Modernization Act, changes the required meeting frequency for boards of directors at federal credit unions. It replaces a simple "monthly" requirement with tiered schedules based on each credit union's performance rating under the Uniform Financial Institutions Rating System. Top-rated credit unions (ratings 1 or 2) must meet at least six times yearly, with one meeting per fiscal quarter. Lower-rated credit unions (ratings 3, 4, or 5) must meet monthly, and new credit unions must meet monthly for their first five years. This directly affects all federal credit unions by adjusting their board meeting obligations based on their regulatory rating.

Bill status passed 3 of 5 stages cleared

Introduction

Jan 2023

Committee Review

Jan 2023

House Passage

Jan 2023

Senate Passage

President

Introduced Jan 26, 2023 Last action Jan 31, 2023

Floor votes

How they voted

This bill passed the House by voice vote (no roll call recorded).

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Jan 31, 2023

Committee

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

upper

Jan 30, 2023

Lower · Passed

Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H501)

lower

Jan 26, 2023

Committee

Referred to the House Committee on Financial Services.

lower

Jan 26, 2023

Introduced

Introduced in House

lower

1 primary · 60 co-sponsors