Privately Insured Credit Unions Conversion Modernization Act

This bill, titled the "Privately Insured Credit Unions Conversion Modernization Act," seeks to update the process for privately insured credit unions wishing to convert to federal insurance. It specifically modifies Section 206(d)(2) of the Federal Credit Union Act, which governs these conversion procedures.

A significant change introduced by the bill is the elimination of the requirement that at least 20 percent of the total membership of a credit union must participate in a vote concerning conversion. Furthermore, the legislation substantially alters the required notification period for such a vote. Instead of the previous range of 7 to 30 days, credit union members must now receive not less than 90 days' notice before a conversion vote takes place.