117 HR 6889 RH: Credit Union Board Modernization Act
U.S. House of Representatives
2022-09-28
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EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
1.This Act may be cited as the Credit Union Board Modernization Act
.2.Frequency of board of directors meetingsSection 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)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)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, 2022Reported with amendments, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed