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S. 4808Senate119th Congress (2025-2027)In Committee

Privately Insured Credit Unions Conversion Modernization Act

Sponsored by Catherine Cortez MastoSen. Catherine Cortez Masto (D-NV)
Introduced June 17, 2026

AI-Generated Summary

Updated June 25, 2026 at 4:22 AM UTC

The Privately Insured Credit Unions Conversion Modernization Act updates the Federal Credit Union Act to simplify the conversion process for credit unions that are privately insured. It removes the 20% member‑participation voting threshold and extends the minimum notice period to 90 days, affecting privately insured credit unions and their members.

Key Provisions

  • Eliminates the requirement that at least 20% of a credit union’s members must vote on a conversion, making it easier for privately insured credit unions to approve a conversion.
  • Changes the required notice period for a conversion from a range of 7‑30 days to a minimum of 90 days, giving members more time to consider the conversion.

Legislative Activity

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1 earlier action
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Banking, Housing, and Urban Affairs Committee

June 17, 2026

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SenateIntro Referral

Introduced in Senate

June 17, 2026

SenateIntro Referral

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Banking, Housing, and Urban Affairs Committee

June 17, 2026

Bill Text

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Introduced in SenateIssued June 17, 2026

II

119th CONGRESS

2d Session

S. 4808

IN THE SENATE OF THE UNITED STATES

June 17, 2026

Ms. Cortez Masto (for herself and Mr. Moreno) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To amend the Federal Credit Union Act with respect to conversion modernization for privately insured credit unions.

1.

Short title

This Act may be cited as the Privately Insured Credit Unions Conversion Modernization Act.

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.