This bill makes changes to the rules governing credit unions that carry private insurance rather than federal insurance. Specifically, it removes the requirement that at least 20 percent of a credit union's membership must vote on a conversion to federal insurance, and it extends the minimum notice period members must receive before a conversion vote from 7-30 days to at least 90 days. The changes apply only to privately insured credit unions seeking to convert to the federal insurance system. The bill does not include specific funding or implementation timelines beyond the voting notice period adjustment.
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