H. R. 975

1. Short title

2. Frequency of board of directors meetings

(a) In general

The board of directors

(b) Meetings

The board of directors of a Federal credit union shall meet as follows:

(1) With respect to a de novo Federal credit union, not less frequently than monthly during each of the first five years of the existence of such Federal credit union.

(2) Not less than six times annually, with at least one meeting held during each fiscal quarter, with respect to a Federal credit union—

(A) with composite rating of either 1 or 2 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system); and

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

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

(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

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