US Codex
Bill
Notes

H.R. 6889 — what changed

Credit Union Board Modernization Act

From Introduced in House to Reported in House. 1 section amended between Introduced in House and Reported in House.

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:

changed “(1) With respect to a de novo Federal credit union, not less frequently than six times annually, with at least one meeting held monthly during each fiscal quarter.of the first five years of the existence of such Federal credit union.

changed “(2) With respect to a de novo Federal credit union, not Not less frequently than monthly six times annually, with at least one meeting held during each of the first five years of the existence of such fiscal quarter, with respect to a Federal credit union.union—

changed “(3) With respect to a Federal credit union “(A) with composite rating of either 4 1 or 5 2 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system), not less frequently than once a month.”system); and

added “(B) with a capability of management rating under such composite rating of either 1 or 2.

added “(3) Not less frequently than once a month, with respect to a Federal credit union—

added “(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

added “(B) with a capability of management rating under such composite rating of either 3, 4, or 5.”