119-S522

Bill is currently in: Senate
Path to Law
House Senate President

119th CONGRESS

1st Session

S. 522

1. Short title
2. Frequency of board of directors meetings

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) - in paragraph (15), by striking "monthly" each place the term appears;

(2) In general - 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, in the matter preceding paragraph (1), by striking "shall meet at least once a month and"; and

(4) Meetings - by adding at the end the following:

(b) Meetings - The board of directors of a Federal credit union shall meet as follows:

(1) - Not less frequently than monthly during the 5-year period beginning on the date on which the organization certificate of the Federal credit union is approved.

(2) - After the expiration of the 5-year period described in paragraph (1)—

(A) - not less frequently than 6 times annually, with at least 1 meeting held during each fiscal quarter, with respect to a Federal credit union—

(i) - with composite rating of 1 or 2 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system); and

(ii) - with a capability of management rating under the composite rating described in clause (i) of 1 or 2; and

(B) - not less frequently than monthly, with respect to a Federal credit union—

(i) - with composite rating of 3, 4, or 5 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system); or

(ii) - with a capability of management rating under the composite rating described in clause (i) of 3, 4, or 5.