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.
