Credit Union Board Modernization Act

This bill changes how often boards of directors at federal credit unions must meet. New credit unions must hold board meetings at least once a month for their first five years. After that, well‑rated credit unions can meet less often: at least six times a year, with at least one meeting each quarter. Credit unions with lower exam ratings must keep meeting monthly. These rules are tied to federal safety and management ratings (1–5 scale) used by regulators.

Key points

• Who is affected: Federal credit unions and their boards of directors.
• What changes: Meeting frequency depends on the credit union’s age and exam ratings. First five years: monthly. After five years:
  • Ratings 1 or 2 overall and in management: at least six meetings a year, one each quarter.
  • Ratings 3, 4, or 5 overall or in management: monthly meetings continue.
• Why it matters: Strong, well‑rated credit unions get more flexibility, while others keep closer oversight through monthly meetings.