Search Results: keywords:"credit union board modernization act"

  • H. R. 975 — An Act To amend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes.
    Status:Engrossed in House
    Words:472

    H.R. 975, known as the “Credit Union Board Modernization Act,” proposes changes to how often the board of directors of a Federal credit union must meet. Currently, they meet every month. The bill suggests that newly established credit unions meet monthly for the first five...

    Simple Explanation

    H.R. 975 wants to change how often people in charge of credit unions have meetings, letting new ones meet a lot at first, and others meet less if they’re doing well, kind of like getting gold stars for good work.

  • H. R. 975 — An Act To amend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes.
    Status:Referred in Senate
    Words:466

    H.R. 975, also known as the “Credit Union Board Modernization Act,” proposes changes to how often the boards of directors of Federal credit unions must meet. It amends the Federal Credit Union Act to remove the existing requirement for monthly meetings. Instead, it sets...

    Simple Explanation

    The bill is about making some changes to the rules for meetings at credit unions, which are like small banks. It says that some of these meetings can be less often, depending on how well the credit union is doing.

  • S. 522 — To amend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes.
    Status:Introduced in Senate
    Words:536

    S. 522 aims to change how often the board of directors for Federal credit unions must meet. Initially, boards are required to meet at least once a month for the first five years after a credit union is established. After those five years, credit unions with top management and...

    Simple Explanation

    The bill says that the people in charge of a credit union (like a special bank) need to have meetings once a month for the first five years to make sure everything is running smoothly. After that, if they're doing a great job, they can meet less often, but if they’re not doing so well, they have to keep meeting every month.

  • H. R. 975 — To amend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes.
    Status:Introduced in House
    Words:486

    The bill, H.R. 975, known as the "Credit Union Board Modernization Act," aims to change how often the board of directors at Federal credit unions must meet. Under the proposed amendments, new credit unions must have monthly meetings during their first five years. Credit...

    Simple Explanation

    The bill wants to change how often the bosses at credit unions have to meet. New credit unions have to meet every month for five years, but if a credit union scores well, they can meet only six times a year; if not, they meet every month.