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