[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6889 Reported in House (RH)]

<DOC>





                                                 Union Calendar No. 386
117th CONGRESS
  2d Session
                                H. R. 6889

                          [Report No. 117-517]

 To mend the Federal Credit Union Act to modify the frequency of board 
             of directors meetings, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 1, 2022

 Mr. Vargas (for himself, Ms. Porter, Mr. Aguilar, Ms. Roybal-Allard, 
 Ms. Titus, Mr. Case, Mr. Kahele, Ms. Brownley, Mr. Gonzalez of Ohio, 
 Mr. Sessions, Mr. Amodei, Mr. Timmons, Mr. Moore of Utah, Mr. Mooney, 
 Mr. Budd, Mrs. Miller of Illinois, Mr. Fitzpatrick, Mr. Davidson, and 
  Mr. Johnson of Louisiana) introduced the following bill; which was 
            referred to the Committee on Financial Services

                           September 28, 2022

  Additional sponsors: Ms. Sanchez, Ms. Bonamici, Mr. Swalwell, Mrs. 
 Torres of California, Mr. Carbajal, Mr. Cohen, Mr. Norman, Mr. Issa, 
  Mr. LaMalfa, Mr. Babin, Ms. Mace, Mr. Wilson of South Carolina, Mr. 
Barr, Mr. Calvert, Mr. Rodney Davis of Illinois, Ms. Craig, Ms. Norton, 
 Mr. Feenstra, Mrs. McClain, Mr. Moore of Alabama, Mr. Garbarino, Mr. 
  Garamendi, Mr. Huffman, Ms. Adams, Mr. Panetta, Mr. David Scott of 
Georgia, Mr. Costa, Ms. Eshoo, Mr. Lowenthal, Mr. Sherman, Mr. Cooper, 
 Mr. Loudermilk, Mr. Valadao, Mrs. Hinson, Mr. Grothman, Mr. Levin of 
   California, Mr. Peters, Mr. Cardenas, Mr. DeSaulnier, Mrs. Kim of 
 California, Mrs. Walorski, Mr. Schiff, Mr. Horsford, Mr. Kildee, Mr. 
    Rutherford, Mr. Obernolte, Mr. Evans, Mr. Neguse, Mr. Bishop of 
Georgia, Mr. Emmer, Mr. Bilirakis, Mr. Carl, Mr. Kelly of Mississippi, 
   Mr. Burchett, Mr. Lieu, Ms. Manning, Mrs. Fischbach, Mr. Kelly of 
  Pennsylvania, Ms. Herrera Beutler, Mr. Kustoff, Mr. Armstrong, Mr. 
   Blumenauer, Mr. Casten, Mrs. Lee of Nevada, Ms. McCollum, Mr. San 
Nicolas, Mr. Phillips, Ms. Chu, Mr. Posey, Mr. Huizenga, Mr. McKinley, 
Mr. Bentz, Ms. Davids of Kansas, Mr. LaTurner, Mr. Griffith, Mr. Mann, 
Mr. Stauber, Mrs. Miller-Meeks, Mrs. Steel, Mrs. Bice of Oklahoma, Mr. 
     Johnson of South Dakota, Ms. Wild, Mr. Lamborn, Mr. Larsen of 
  Washington, Ms. Williams of Georgia, Ms. Bourdeaux, Mr. Crow, Mrs. 
            Luria, Mr. Kilmer, Mr. Finstad, and Mr. Fulcher

                           September 28, 2022

Reported with amendments, committed to the Committee of the Whole House 
          on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]
 [For text of introduced bill, see copy of bill as introduced on March 
                                1, 2022]

_______________________________________________________________________

                                 A BILL


 
 To mend the Federal Credit Union Act to modify the frequency of board 
             of directors meetings, and for other purposes.


 


    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 ``Credit Union Board Modernization 
Act''.

SEC. 2. FREQUENCY OF BOARD OF DIRECTORS MEETINGS.

    Section 113 of the Federal Credit Union Act (12 U.S.C. 1761b) is 
amended--
            (1) by striking ``monthly'' each place such term appears;
            (2) in the matter preceding paragraph (1), by striking 
        ``The board of directors'' and inserting the following:
    ``(a) In General.--The board of directors'';
            (3) in subsection (a) (as so designated), by striking 
        ``shall meet at least once a month and''; and
            (4) by adding at the end the following:
    ``(b) Meetings.--The board of directors of a Federal credit union 
shall meet as follows:
            ``(1) With respect to a de novo Federal credit union, not 
        less frequently than monthly during each of the first five 
        years of the existence of such Federal credit union.
            ``(2) Not less than six times annually, with at least one 
        meeting held during each fiscal quarter, with respect to a 
        Federal credit union--
                    ``(A) with composite rating of either 1 or 2 under 
                the Uniform Financial Institutions Rating System (or an 
                equivalent rating under a comparable rating system); 
                and
                    ``(B) with a capability of management rating under 
                such composite rating of either 1 or 2.
            ``(3) Not less frequently than once a month, with respect 
        to a Federal credit union--
                    ``(A) with composite rating of either 3, 4, or 5 
                under the Uniform Financial Institutions Rating System 
                (or an equivalent rating under a comparable rating 
                system); or
                    ``(B) with a capability of management rating under 
                such composite rating of either 3, 4, or 5.''.
            Amend the title so as to read: ``A bill to amend the 
        Federal Credit Union Act to modify the frequency of board of 
        directors meetings, and for other purposes.''.
                                                 Union Calendar No. 386

117th CONGRESS

  2d Session

                               H. R. 6889

                          [Report No. 117-517]

_______________________________________________________________________

                                 A BILL

 To mend the Federal Credit Union Act to modify the frequency of board 
             of directors meetings, and for other purposes.

_______________________________________________________________________

                           September 28, 2022

Reported with amendments, committed to the Committee of the Whole House 
          on the State of the Union, and ordered to be printed