Privately Insured Credit Unions Conversion Modernization Act

This bill, known as the Privately Insured Credit Unions Conversion Modernization Act, updates rules for privately insured credit unions regarding their conversion to federally insured status. It directly affects these credit unions by modifying the voting threshold required for members to approve a conversion, removing the previous requirement that at least 20 percent of the total membership must participate in the vote. Additionally, the legislation extends the time frame for the National Credit Union Administration to review a conversion application from a minimum of seven days to a minimum of 90 days. These changes aim to simplify the conversion process and provide a longer period for regulatory review without altering the fundamental eligibility criteria for conversion.