S. 522

119 S522 IS: Credit Union Board Modernization Act
 U.S. Senate
 2025-02-11
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 II  119th CONGRESS  1st Session  S. 522  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.
1.
Short title
This Act may be cited as the   Credit Union Board Modernization Act  .
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.
 .