Summary

Gives the Board authority to decide which credit unions are covered by the Federal Credit Union Act provision that previously applied to “all those credit unions.” Instead of automatically including every credit union, the Board may now select — at its discretion — which credit unions the provision will apply to. This change narrows mandatory coverage and increases the Board’s regulatory flexibility, with likely effects on which credit unions must follow the specified rule and on compliance expectations across the sector.

Key Points

• Replaces "all those credit unions" with language allowing the Board to select which credit unions are covered.
• Gives the Board discretion to limit or tailor statutory coverage rather than applying it universally.
• May reduce compliance obligations for credit unions the Board chooses not to include.
• Introduces potential variability and uncertainty depending on future Board decisions and guidance.
• Does not create new spending, tax changes, or explicit appropriations.
• Affects regulatory reach and oversight rather than creating a new program.
• Implementation effects depend on how and when the Board exercises its new discretion.
• No effective date specified in the provided text.

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