1. Short title
This Act may be cited as the “Credit Union Modernization Act of 2019”.
Credit Union Modernization Act of 2019
A BILL
To amend the Federal Credit Union Act to remove outdated responsibilities of boards of directors of Federal credit unions.
2. Duties of boards of directors of Federal credit unions
The Federal Credit Union Act (12 U.S.C. 1751 et seq.) is amended—
in section 111(b) (12 U.S.C. 1761(b)), in the second sentence, by striking “credit committee, and loan officers” and inserting “and credit committee”; and
in section 113 (12 U.S.C. 1761b)—
in paragraph (1), by striking “act upon applications for membership or”;
in paragraph (8), by striking “subchapter” and inserting “title”;
by striking paragraph (10); and
by striking paragraphs (15) and (16).