Privately Insured Credit Unions Conversion Modernization Act

This bill, known as the "Privately Insured Credit Unions Conversion Modernization Act," updates the process for credit unions to change their insurance status. It amends the Federal Credit Union Act to modify voting and notification requirements for these conversions. Specifically, the legislation removes the mandate that at least 20 percent of a credit union's total membership must participate in a conversion vote, thereby streamlining the voting threshold. Concurrently, it significantly extends the minimum notice period for members before such a vote from a maximum of 30 days to not less than 90 days . This change provides members with considerably more time to consider the implications of a proposed conversion.