119-hr975

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 975 Referred in Senate

    (RFS) ]

<DOC>
119th CONGRESS
 1st Session
 H. R. 975

_______________________________________________________________________

 IN THE SENATE OF THE UNITED STATES

 February 11, 2025

Received; read twice and referred to the Committee on Banking, Housing, 
 and Urban Affairs

_______________________________________________________________________

 AN ACT

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

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 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 (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) In General.--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) Meetings.--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.''.

 Passed the House of Representatives February 10, 2025.

 Attest:

 KEVIN F. MCCUMBER,

 Clerk.