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.

Jared Weiser
Jared Weiser Director, Legislative Affairs E: jweiser@ohiocul.org
Contact Us

Other Movement News

Government Affairs

Election night success for credit unions; see how the midterms impact your credit union

Thanks to your generous support throughout the 2021-2022 elections, the Ohio Movement engaged with 122 decision-makers and invested more than $570,000 in state and federal legislative champions. Your partnership led […]
Regulatory

Year end snapshot: State and federal credit union priorities

Just like your credit union, the League is hard at work ensuring a successful year end and is focused on promoting and protecting credit union interests at the Statehouse and in Congress. Here are the League’s top issues as legislators wrap up their sessions: House Bill 116, the Ohio Computer Crimes Act, would close a legal loophole that bad actors can exploit to access sensitive data and information without penalty.
Member Benefits

Tips to keep your members safe this holiday season

Help your members stay financially safe during the holiday season by downloading helpful tips in December’s Monthly Marketing Toolkit, a complimentary resource as part of your League membership.