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 · February 4, 2025 · Sponsor: Mr. Vargas · Committee: Committee on Financial Services

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: