119-s522

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 522 Introduced in Senate

    (IS) ]

<DOC>

119th CONGRESS
 1st Session
 S. 522

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

_______________________________________________________________________

 IN THE SENATE OF THE UNITED STATES

 February 11, 2025

 Mr. Hagerty (for himself and Ms. Blunt Rochester) introduced the 
 following bill; which was read twice and referred to the Committee on 
 Banking, Housing, and Urban Affairs

_______________________________________________________________________

 A BILL

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) in paragraph

    (15) , by striking ``monthly'' each place 
 the 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, in the matter 
 preceding paragraph

    (1) , 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) 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.''.
 <all>