US HB975

Amends the Federal Credit Union Act to eliminate the current requirement that federal credit union boards of directors meet monthly

De novo (new) federal credit unions must hold board meetings at least monthly during their first five years of operation

Well-rated credit unions (composite rating of 1 or 2 under the Uniform Financial Institutions Rating System with management rating of 1 or 2) may reduce meetings to six times annually, with at least one per fiscal quarter

Credit unions with lower ratings (composite or management rating of 3, 4, or 5) must continue meeting at least once per month

Passed the House of Representatives on February 10, 2025