Credit Union Board Modernization Act

This bill updates how often boards of federal credit unions must meet. It gives well-run credit unions more flexibility, while keeping stricter rules for new or higher‑risk ones. Many credit unions could hold six meetings a year (with at least one each quarter), instead of meeting every month. New credit unions must still meet monthly for their first five years, and boards at credit unions with lower safety ratings must also meet monthly.

Key points:

• Who is affected: Federal credit unions and their boards of directors.
• What changes: Well‑rated credit unions can meet at least six times a year with one meeting each quarter; new credit unions (first five years) and those with lower ratings must meet monthly .
• Why it matters: Frees time and resources for stable credit unions, while keeping closer watch on newer or riskier ones to protect members’ money .