Privately Insured Credit Unions Conversion Modernization Act

TL;DR (AI)

• The bill lowers the minimum membership participation required for a privately insured credit union’s conversion vote from 20% to zero.
• It extends the required period between announcing a conversion vote and holding the vote for privately insured credit unions from seven to 90 days.
• The bill amends the Federal Credit Union Act to modernize conversion processes for privately insured credit unions.