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Reps. Juan Vargas, D-Calif., and Anthony Gonzalez, R-Ohio, Tuesday introduced legislation that would modify existing language in the Federal Credit Union (FCU) Act related to the requirement that credit union boards meet once a month. The Credit Union Board Modernization Act, H.R. 6889, amends the language to require credit unions to meet no less than six times per year.

The bill includes an exemption for de novo credit unions in their first five years, as well as any credit union with a CAMELS score below 4 until they are able to stabilize operations, at which point they can meet bimonthly.

NAFCU is supportive of the legislation and will continue to monitor its movement in Congress.