H.R. 975: Credit Union Board Modernization Act

119th Congress · introduced 2025-02-04 · Finance and Financial Sector · Latest: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

federal

What does this mean?

Official title

Credit Union Board Modernization Act

Plain summary

Credit Union Board Modernization Act This bill reduces the required frequency of meetings held by the board of directors of certain credit unions. Under the bill, new credit unions and credit unions with a low soundness rating must meet monthly, as required under current law. All other credit unions must hold at least six meetings annually, with at least one meeting held during each fiscal quarter.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Credit Union Board Modernization Act

Source: Congressional Research Service summary (Introduced in House)

AI explanation – may be wrong, check the official text

No AI explanation yet. It takes up to a minute to write and is then saved for everyone.

Limited to a few requests an hour per person.

The strongest published arguments

Arguments for (supporters)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Arguments against (opponents)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Alternatives

Needs sources: no published alternatives yet (for example a different bill, a law instead of an amendment, or keeping current law). We only show items backed by a published source. Suggest one.

Officials and money

Sponsor: Rep. Vargas, Juan [D-CA-52] · 22 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Bill Huizenga (R-MI), Sean Casten (D-IL), Hillary J. Scholten (D-MI), Warren Davidson (R-OH), Daniel Meuser (R-PA), Bill Foster (D-IL), Young Kim (R-CA), Darrell Issa (R-CA), Russ Fulcher (R-ID), Salud O. Carbajal (D-CA), Gregory W. Meeks (D-NY), H. Morgan Griffith (R-VA), Brad Finstad (R-MN), Dina Titus (D-NV), Judy Chu (D-CA), Brad Sherman (D-CA), Jim Costa (D-CA), Nikema Williams (D-GA), Zachary Nunn (R-IA), William R. Timmons IV (R-SC), Scott H. Peters (D-CA), Frank D. Lucas (R-OK)

Sponsor's campaign money: Rep. Vargas, Juan [D-CA-52] reported raising $836,097 (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

Words on this page, explained (1)

Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-119hr975.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/119/hr>

Record fed-us-cong119-hr975 · catalog fed-us-congress-bills-cong119 · updated 2026-11-03 by psicol fed-bills