[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