United States 117th Congress Status: Passed House 1 D cosponsors

HR 6889 — Credit Union Board Modernization Act

Last action — Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 117th Congress. It reached “Passed House” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Credit Union Board Modernization Act This bill revises the frequency of meetings required to be held by a credit union's board of directors. Specifically, the bill requires monthly meetings for new credit unions during their first five years and for credit unions with a low soundness rating. All other credit unions must hold at least six meetings annually, with at least one meeting held during each fiscal quarter. Currently, all credit union boards must meet at least once a month.

Bill Text

What changed in the latest version

6 added · 1 removed

Plain-language change summary

The new version of the bill includes a notation indicating that it was referred to the Senate on October 11, 2022, after being received and read twice. Additionally, the reference to the bill being engrossed in the House has been removed. These changes specify the current status of the bill and reflect its progression through the legislative process.

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6889 Engrossed in House (EH)] <DOC> 117th CONGRESS 2d Session H.
6889 Referred in Senate (RFS)] <DOC> 117th CONGRESS 2d Session H.
6889 _______________________________________________________________________ AN ACT To amend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes.
6889 _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES October 11, 2022 Received;
read twice and referred to the Committee on Banking, Housing, and Urban Affairs _______________________________________________________________________ AN ACT To amend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes.
Clerk.
CHERYL L.
117th CONGRESS 2d Session H.
JOHNSON, Clerk.
R.
6889 _______________________________________________________________________ AN ACT To amend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes.
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How this bill changes current law

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Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill modifies the requirements for the frequency of board of directors meetings for Federal credit unions.

  • 12 U.S.C. § 1761b

    monthly

    Removes the requirement for meetings to be held monthly.

  • 12 U.S.C. § 1761b

    The board of directors → (a) In General.--The board of directors

    Clarifies and rephrases the introduction to the actions of the board.

  • 12 U.S.C. § 1761b

    shall meet at least once a month and

    Removes the specific mandate for monthly meetings.

  • 12 U.S.C. § 1761b

    (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.

    Establishes new conditions under which the board of directors must meet.

Action History

  1. Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

  2. The title of the measure was amended. Agreed to without objection.

  3. Pursuant to the provisions of H. Res. 1396, proceedings on H.R. 6889 are considered vacated.

  4. Passed/agreed to in House: Pursuant to section 10 of H. Res. 1396, and the motion offered by Mr. Hoyer, the following bills passed under suspension of the rules: H.R. 1638, as amended; H.R. 3304, as amended; H.R. 4081, as amended; H.R. 4821, as amended; H.R. 6889, as amended; H.R. 6967, as amended; H.R. 8163, as amended; H.R. 8510, as amended; H.R. 8681, as amended; H.R. 8875, as amended; H.R. 8956; S. 1198; and agree to the Senate amendments to H.R. 5641.

  5. Pursuant to section 10 of H. Res. 1396, and the motion offered by Mr. Hoyer, the following bills passed under suspension of the rules: H.R. 1638, as amended; H.R. 3304, as amended; H.R. 4081, as amended; H.R. 4821, as amended; H.R. 6889, as amended; H.R. 6967, as amended; H.R. 8163, as amended; H.R. 8510, as amended; H.R. 8681, as amended; H.R. 8875, as amended; H.R. 8956; S. 1198; and agree to the Senate amendments to H.R. 5641.

  6. Reported (Amended) by the Committee on Financial Services. H. Rept. 117-517.

  7. Reported (Amended) by the Committee on Financial Services. H. Rept. 117-517.

  8. Placed on the Union Calendar, Calendar No. 386.

  9. Ms. Waters moved to suspend the rules and pass the bill, as amended.

  10. Considered under suspension of the rules. (consideration: CR H8157-8158; text: CR H8157-8158)

  11. DEBATE - The House proceeded with forty minutes of debate on H.R. 6889.

  12. At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.

  13. Committee Consideration and Mark-up Session Held.

  14. Ordered to be Reported in the Nature of a Substitute (Amended) by Voice Vote.

  15. Introduced in House

  16. Introduced in House

  17. Referred to the House Committee on Financial Services.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HR 6889 do?
Credit Union Board Modernization Act This bill revises the frequency of meetings required to be held by a credit union's board of directors. Specifically, the bill requires monthly meetings for new credit unions during their first five years and for credit unions with a low soundness rating. All other credit unions must hold at least six meetings annually, with at least one meeting held during each fiscal quarter. Currently, all credit union boards must meet at least once a month.
Who sponsors HR 6889?
HR 6889 is sponsored by Vargas, Juan (Democratic).
What is the current status of HR 6889?
This bill died with 117th Congress. It reached “Passed House” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 6889?
Track HR 6889 free on One Click Politics — get push/email alerts when it moves.

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