H.R. 975

119th CONGRESS 1st Session

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

IN THE HOUSE OF REPRESENTATIVES

Table of contents

• H.R. 975
  • SEC. 1. Short title
  • SEC. 2. Frequency of board of directors meetings

SEC. 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 () 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.
  • by adding at the end the following: