Section 113 of the Federal Credit Union Act () is amended— 12 U.S.C. 1761b
by striking each place such term appears;
in the matter preceding paragraph (1), by striking and inserting the following:
(a) In general
The board of directors
in subsection (a) (as so designated), by striking ; and
(b) Meetings
The board of directors of a Federal credit union shall meet as follows:
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.
Not less than six times annually, with at least one meeting held during each fiscal quarter, with respect to a Federal credit union—
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
with a capability of management rating under such composite rating of either 1 or 2.
Not less frequently than once a month, with respect to a Federal credit union—
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
with a capability of management rating under such composite rating of either 3, 4, or 5.