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H.R. 975

U.S. House•In Senate Committee

Summary

H.R. 975, the Credit Union Board Modernization Act, was introduced in the House on Feb 4, 2025 by Rep. Juan Vargas (D) with 22 co-sponsors. It was referred to Banking, Housing, And Urban Affairs, and last saw action on Feb 11, 2025: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Record

Text

H.R. 975 has 22 co-sponsors.

hb975/engrossed-in-house.txt
119 HR 975 EH: Credit Union Board Modernization Act
 U.S. House of Representatives
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 I
 119th CONGRESS  1st Session
 H. R. 975
 IN THE HOUSE OF REPRESENTATIVES
 AN ACT
To amend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes.
1.
Short title
This Act may be cited as the   Credit Union Board Modernization Act  .
2.
Frequency of board of directors meetings
Section 113 of the Federal Credit Union Act ( 12 U.S.C. 1761b ) is amended—
(1)
by striking  monthly  each place such term appears;
(2)
in the matter preceding paragraph (1), by striking  The board of directors  and inserting the following:
(a)
In general
The board of directors
 ;
(3)
in subsection (a) (as so designated), by striking  shall meet at least once a month and ; and
(4)
by adding at the end the following:
(b)
Meetings
The board of directors of a Federal credit union shall meet as follows:
(1)
With respect to a de novo Federal credit union, not less frequently than monthly during each of the first five years of the existence of such Federal credit union.
(2)
Not less than six times annually, with at least one meeting held during each fiscal quarter, with respect to a Federal credit union—
(A)
with composite rating of either 1 or 2 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system); and
(B)
with a capability of management rating under such composite rating of either 1 or 2.
(3)
Not less frequently than once a month, with respect to a Federal credit union—
(A)
with composite rating of either 3, 4, or 5 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system); or
(B)
with a capability of management rating under such composite rating of either 3, 4, or 5.
 .
     Passed the House of Representatives February 10, 2025.  Kevin F. McCumber,  Clerk.

Tracker

The tracker indicates the progress of this legislation as it moves through the legislative process.

  1. Introduced2025-02-04
  2. Passed House2025-02-10
  3. Passed Senate
  4. Conference
  5. To President
  6. Became Law

CRS Summary

The summaries are the Congressional Research Service’s, one per stage. Read them in full.

Introduced in House Feb 4, 2025

hb975/introduced-in-house.md

Shown Here:
Introduced in House (02/04/2025)

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.

Sponsors

Rep. Juan Vargas (D) sponsors H.R. 975, and 22 members have co-sponsored it, 1 of them from the day it was introduced.

Committees

H.R. 975 went before 2 committees: Banking, Housing, and Urban Affairs and Financial Services.

Banking, Housing, and Urban Affairs
Banking, Housing, and Urban Affairs
Referred To · Feb 11, 2025 · 465 Bills
Financial Services
Financial Services
Referred To · Feb 4, 2025 · 559 Bills

Actions

H.R. 975 has taken 9 actions since Feb 4, 2025, the latest on Feb 11, 2025.

ChamberAction
Feb 11, 2025
Senate
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.Banking, Housing, and Urban Affairs Committee
Feb 10, 202517:14
House
Mr. Hill (AR) moved to suspend the rules and pass the bill.
Feb 10, 202517:14
House
Considered under suspension of the rules. (consideration: CR H601-603)
Feb 10, 202517:14
House
DEBATE - The House proceeded with forty minutes of debate on H.R. 975.
Feb 10, 202517:24
House
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H601-602)

Votes

H.R. 975 has not gone to a roll call.

3 bills are related to H.R. 975.

Titles

H.R. 975 goes by 6 titles, 3 of them short titles.

  • To amend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes. — Official Titles from EH (Engrossed in House) bill text
  • Credit Union Board Modernization Act — Short Titles from RFS (Referred to Senate) bill text
  • Credit Union Board Modernization Act — Short Title(s) as Passed House
  • Credit Union Board Modernization Act — Display Title
  • Credit Union Board Modernization Act — Short Title(s) as Introduced
  • To amend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes. — Official Title as Introduced

Lobbying

9 clients hired 9 firms and 55 registered lobbyists who named H.R. 975 in 35 quarterly filings, 2025 to 2026. Reported under the Lobbying Disclosure Act; a filing’s income covers everything its registrant worked that quarter, so the amounts below are the filings’, not this bill’s.

Filed under Banking, Taxation/Internal Revenue Code, Financial Institutions/Investments/Securities, Small Business, Government Issues, Budget/Appropriations, Veterans, Agriculture.

Clients

Who paid to be heard, by how many filings named the bill.

ClientBusinessStateFirmsFilingsReported
CREDIT UNION NATIONAL ASSOCIATION, INC. DBA AMERICAS CREDIT UNIONSNational trade association for both state- and federally chartered credit unionsDistrict of Columbia16$300K
CREDIT UNION NATIONAL ASSOCIATION, INC. DBA AMERICA'S CREDIT UNIONS—District of Columbia16—
GOWEST CREDIT UNION ASSOCIATIONCredit Union Trade AssociationWashington16—
MICHIGAN CREDIT UNION LEAGUECredit Union Trade AssociationMichigan16—
DEFENSE CREDIT UNION COUNCILNational Trade Assocation for Defense, Veterans and related Credit UnionsDistrict of Columbia14—
INDEPENDENT COMMUNITY BANKERS OF AMERICA—District of Columbia13—
LEAGUE OF SOUTHEASTERN CREDIT UNIONSFinancial ServicesFlorida12—
NAVY FEDERAL CREDIT UNIONfinancial servicesVirginia11—
NEW YORK CREDIT UNION ASSOCIATION, INC.Advocates, educates, unites, and supports the interests of New York credit unions.New York11—

Firms

Registrants who filed on the bill, by filings.

RegistrantClientsFilingsReported
BROWNSTEIN HYATT FARBER SCHRECK, LLP16$300K
CREDIT UNION NATIONAL ASSOCIATION. INC. DBA AMERICA'S CREDIT UNIONS16—
GOWEST CREDIT UNION ASSOCIATION16—
MICHIGAN CREDIT UNION LEAGUE16—
DEFENSE CREDIT UNION COUNCIL14—
INDEPENDENT COMMUNITY BANKERS OF AMERICA13—
LEAGUE OF SOUTHEASTERN CREDIT UNIONS12—
NAVY FEDERAL CREDIT UNION11—
OSTROFF ASSOCIATES, INC.11—

Lobbyists

Named on the filings that cite the bill. The 20 named most often, of 55.

LobbyistFirmsClientsFilings
ANDREW MORRIS116
ANDREW USYK116
BRADFORD THALER116
CLARK DERRINGTON116
GORDON HOLZBERG116
GREGORY MESACK116
HAROLD HANCOCK116
JAMES AKIN116
LAUREN FLYNN116
LEAH DEMPSEY116
LUKE MARTONE116
PHIL DRAGER116
RYAN FITZGERALD116
STEPHANIE BELK116
TODD JORNS116
ZACHARY PFISTER116
BRANDT ANDERSON115
DAVID REID115
TYLER MARON115
JASON STVERAK114

Filings

The documents themselves, on the Senate’s Lobbying Disclosure site, largest reported first.

ClientRegistrantPeriodReportedDocument
INDEPENDENT COMMUNITY BANKERS OF AMERICAINDEPENDENT COMMUNITY BANKERS OF AMERICA2025 second_quarter$2.7M2nd Quarter - Report
CREDIT UNION NATIONAL ASSOCIATION, INC. DBA AMERICA'S CREDIT UNIONSCREDIT UNION NATIONAL ASSOCIATION. INC. DBA AMERICA'S CREDIT UNIONS2026 second_quarter$1.3M2nd Quarter - Report
CREDIT UNION NATIONAL ASSOCIATION, INC. DBA AMERICA'S CREDIT UNIONSCREDIT UNION NATIONAL ASSOCIATION. INC. DBA AMERICA'S CREDIT UNIONS2025 first_quarter$1.2M1st Quarter - Report
CREDIT UNION NATIONAL ASSOCIATION, INC. DBA AMERICA'S CREDIT UNIONSCREDIT UNION NATIONAL ASSOCIATION. INC. DBA AMERICA'S CREDIT UNIONS2025 second_quarter$1.2M2nd Quarter - Report
CREDIT UNION NATIONAL ASSOCIATION, INC. DBA AMERICA'S CREDIT UNIONSCREDIT UNION NATIONAL ASSOCIATION. INC. DBA AMERICA'S CREDIT UNIONS2026 first_quarter$1.1M1st Quarter - Report
CREDIT UNION NATIONAL ASSOCIATION, INC. DBA AMERICA'S CREDIT UNIONSCREDIT UNION NATIONAL ASSOCIATION. INC. DBA AMERICA'S CREDIT UNIONS2025 third_quarter$1.1M3rd Quarter - Report
CREDIT UNION NATIONAL ASSOCIATION, INC. DBA AMERICA'S CREDIT UNIONSCREDIT UNION NATIONAL ASSOCIATION. INC. DBA AMERICA'S CREDIT UNIONS2025 fourth_quarter$1.1M4th Quarter - Report
INDEPENDENT COMMUNITY BANKERS OF AMERICAINDEPENDENT COMMUNITY BANKERS OF AMERICA2025 third_quarter$866.8K3rd Quarter - Report
INDEPENDENT COMMUNITY BANKERS OF AMERICAINDEPENDENT COMMUNITY BANKERS OF AMERICA2025 third_quarter$866.8K3rd Quarter - Report
DEFENSE CREDIT UNION COUNCILDEFENSE CREDIT UNION COUNCIL2025 fourth_quarter$190K4th Quarter - Report
DEFENSE CREDIT UNION COUNCILDEFENSE CREDIT UNION COUNCIL2025 third_quarter$170K3rd Quarter - Report
DEFENSE CREDIT UNION COUNCILDEFENSE CREDIT UNION COUNCIL2025 second_quarter$150K2nd Quarter - Report
DEFENSE CREDIT UNION COUNCILDEFENSE CREDIT UNION COUNCIL2025 first_quarter$110K1st Quarter - Report
GOWEST CREDIT UNION ASSOCIATIONGOWEST CREDIT UNION ASSOCIATION2026 first_quarter$90K1st Quarter - Report
GOWEST CREDIT UNION ASSOCIATIONGOWEST CREDIT UNION ASSOCIATION2026 second_quarter$80K2nd Quarter - Report
LEAGUE OF SOUTHEASTERN CREDIT UNIONSLEAGUE OF SOUTHEASTERN CREDIT UNIONS2026 second_quarter$70K2nd Quarter - Report
LEAGUE OF SOUTHEASTERN CREDIT UNIONSLEAGUE OF SOUTHEASTERN CREDIT UNIONS2026 first_quarter$70K1st Quarter - Report
NAVY FEDERAL CREDIT UNIONNAVY FEDERAL CREDIT UNION2025 first_quarter$70K1st Quarter - Report
MICHIGAN CREDIT UNION LEAGUEMICHIGAN CREDIT UNION LEAGUE2025 fourth_quarter$60K4th Quarter - Report
GOWEST CREDIT UNION ASSOCIATIONGOWEST CREDIT UNION ASSOCIATION2025 second_quarter$60K2nd Quarter - Report

Classification

The Congressional Research Service files H.R. 975 under Finance and Financial Sector, one of its 31 policy areas, and gives it 4 legislative subjects.

CRS Subjects

CRS assigns every bill one policy area from its 31; H.R. 975’s is Finance and Financial Sector.

hr975/policy-areas.txt
Finance and Financial SectorAgriculture and FoodAnimalsArmed Forces and National SecurityArts, Culture, ReligionCivil Rights and Liberties, Minority IssuesCommerceCongressCrime and Law EnforcementEconomics and Public FinanceEducationEmergency ManagementEnergyEnvironmental ProtectionFamiliesForeign Trade and International FinanceGovernment Operations and PoliticsHealthHousing and Community DevelopmentImmigrationInternational AffairsLabor and EmploymentLawNative AmericansPublic Lands and Natural ResourcesScience, Technology, CommunicationsSocial WelfareSports and RecreationTaxationTransportation and Public WorksWater Resources Development

Legislative Subjects

H.R. 975 carries 4 of CRS’s legislative subjects, from Administrative remedies to National Credit Union Administration.

hr975/subjects.txt
Administrative remediesBanking and financial institutions regulationCorporate finance and managementNational Credit Union Administration

Constitutional authority

The clause the sponsor cites as Congress’s power to enact H.R. 975, as entered in the Congressional Record.

[Congressional Record Volume 171, Number 23 (Tuesday, February 4, 2025)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. VARGAS:H.R. 975.Congress has the power to enact this legislation pursuantto the following:(1) To make all Laws which shall be necessary and properfor carrying into Execution the foregoing Powers, and allother Powers vested by this Constitution in the Government ofthe United States, or in any Department or Officer thereof,as enumerated in Article I, Section 8, Clause 18 of the U.S.Constitution.[Page H461]

Source: congress.gov · legiscan.com