Credit Union Board Modernization Act

# Credit Union Board Modernization Act (S. 522) - Summary **What the Bill Would Do** This bill would change how often credit union boards of directors must meet. Currently, all credit unions are required to hold board meetings at least once per month. The new bill would reduce this requirement for most credit unions to just six meetings per year (at least one per quarter), while keeping the monthly requirement only for newly established credit unions and those with poor financial ratings. **Who It Affects** The bill primarily affects credit unions and their board members, as well as credit union members (customers) who depend on these institutions.

Credit unions are member-owned financial cooperatives that compete with banks and other lenders. **Current Status** The bill is currently in committee (S. 522, 119th Congress), meaning it has not yet been debated or voted on by the full Senate. It was introduced by Senator Bill Hagerty, a Republican from Tennessee.