Credit Union Board Modernization Act Becomes Law

The Credit Union Board Modernization Act has become law as part of the 21st Century ROAD to Housing Act, marking an important advocacy victory for credit unions.

While the broader legislation advances housing affordability, the Credit Union Board Modernization Act provides meaningful regulatory relief for federally chartered credit unions by allowing eligible boards to meet six times per year rather than monthly. This added flexibility will enable boards and staff to focus more time and resources on strategic priorities, member service and community impact.

The reduced meeting schedule applies to federal credit unions with composite and management ratings of 1 or 2. Monthly meetings will remain required for newly chartered federal credit unions and those with lower supervisory ratings.

The legislation also establishes a mentor-protégé program for smaller financial institutions and streamlines the chartering process for new credit unions and community banks.

Credit unions, Leagues and America's Credit Unions worked collaboratively to ensure key credit union regulatory provisions were included in the legislation and preserved throughout the legislative process.