S4808Referred to Committee
Privately Insured Credit Unions Conversion Modernization Act
Introduced
In Committee
3
Passed One Chamber4
Passed Both5
Signed into Law119th
Congress
2026-06-17
Introduced
1
Cosponsors
S
ⓘType
Sponsor
Catherine Cortez Masto
Democrat · NV · Senator
Votes with party: 78.7% (834 recorded votes)
Full profile: /officials/C001113
Source: Congress.gov · FEC
Cosponsors (1)
Members who have signed on to support this bill since introduction. Source: Congress.gov.
Latest Action
The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2026-06-17
Source: Congress.gov
Committee Activity
Currently in
- Senate Committee on Banking, Housing, and Urban AffairsReferred To · 2026-06-17
Plain-English Summary
Credit unions that are privately insured (rather than federally insured) would gain more flexibility to convert to federal insurance and modernize their operations under updated rules. The changes would make it easier for these smaller financial institutions to transition their insurance status while maintaining their ability to serve their members. This affects credit union members and the institutions themselves, which compete with banks to provide financial services to their customers.
AI-assisted summary generated from the official bill metadata (title, subjects, actions) sourced from Congress.gov. Cached and reviewed. Always verify against the official text linked below.
Full Bill Text
Verbatim text published on Congress.gov via GovInfo. Use Cmd+F / Ctrl+F to search within this excerpt.
[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 4808 Introduced in Senate (IS)] <DOC> 119th CONGRESS 2d Session S. 4808 To amend the Federal Credit Union Act with respect to conversion modernization for privately insured credit unions. _______________________________________________________________________ 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. 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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