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Privately Insured Credit Unions Conversion Modernization Act
To amend the Federal Credit Union Act with respect to conversion modernization for privately insured credit unions.
Summary
- Amends the Federal Credit Union Act to modify voting procedures for privately insured credit unions undergoing conversion.
- Removes the requirement that at least 20 percent of credit union members must participate in a conversion vote.
- Increases the minimum notice period for conversion votes from not less than 7 days to not less than 90 days.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
Actions (2)
- Jul 23, 2026 Referred to the House Committee on Financial Services. · house
- Jul 23, 2026 Introduced in House
Similar bills (6)
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Text versions (1)
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Full text
IN THE HOUSE OF REPRESENTATIVES
July 23, 2026
Mr. Davidson introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To amend the Federal Credit Union Act with respect to conversion modernization for privately insured credit unions.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Privately Insured Credit Unions Conversion Modernization Act”.
SEC. 2. CONVERSION MODERNIZATION FOR PRIVATELY 6 INSURED CREDIT UNIONS.
Section 206(d)(2) of the Federal Credit Union Act (12 U.S.C. 1786(d)(2)) is amended—
(1) in the first sentence, by striking “in a vote in which at least 20 per centum of the total membership of the credit union participates”; and
(2) in the second sentence, by striking “not more than thirty nor less than seven days” and inserting “not less than 90 days”. <all>
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