117 HR 6889 RH: Credit Union Board Modernization Act
U.S. House of Representatives
2022-09-28
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Union Calendar No. 386
117th CONGRESS
2d Session
H. R. 6889
[Report No. 117–517]
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. Sánchez, 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. Cárdenas, 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.
1.

Short title
This Act may be cited as the “Credit Union Board Modernization Act”.
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.”.
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