Section 1 Short title
This Act may be cited as the “Credit Union Board Modernization Act”.
Credit Union Board Modernization Act
A BILL
To amend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes.
Sec. 2 Frequency of board of directors meetings
Section 113 of the Federal Credit Union Act (12 U.S.C. 1761b) is amended—
in paragraph (15), by striking “monthly” each place the term appears;
in the matter preceding paragraph (1), by striking “The board of directors shall meet at least once a month and” and inserting the following:
“(a) In general—The board of directors”
by adding at the end the following:
“(b) Meetings—The board of directors shall meet as follows:
“(1) Except as provided in paragraphs (2) and (3), not less frequently than 6 times annually, with not fewer than 1 meeting held during each fiscal quarter.
“(2) Not less frequently than monthly during the 5-year period beginning on the date on which the charter is issued.
“(3) Not less frequently than monthly with respect to a Federal credit union with composite rating of 4 or 5 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system).”