FCU Board meeting modernization bill coming soon
Published by: Jared Weiser
February 23, 2022 | Regulatory
Providing your credit union with more regulatory flexibility helps you focus on what matters – serving your valuable members. That’s why the League has been working with our partners at the Credit Union National Association (CUNA) on a bill in Congress that would provide federally chartered credit unions with more flexibility when they hold board meetings. The bill would require board meetings at least six times a year, with at least one meeting in each fiscal quarter. The bill also contains provisions requiring monthly meetings for de novo federal credit unions or those with a composite rating of either 4 or 5 under the Uniform Financial Institutions Rating System. These changes would bring federally chartered credit unions more in line with changes made at the state level in 2018 that requires a minimum of quarterly board meetings for state-charted credit unions. Finally, these proposed changes would not preclude a credit union from holding more board meetings, if necessary.
The League and CUNA are currently working on getting co-sponsors for the bill and expect it to be introduced in the next few weeks. For more information on federal legislative efforts, please contact Legislative Affairs Director Jared Weiser.
Contact Jared Weiser for questions or assistance.
