IB 

Union Calendar No. 386 

117TH CONGRESS 

2D SESSION H. R. 6889 

[Report No. 117–517] 

To mend the Federal Credit Union Act to modify the frequency of board 

of directors meetings, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 1, 2022 

Mr. VARGAS (for himself, Ms. PORTER, Mr. AGUILAR, Ms. ROYBAL-ALLARD, 

Ms. TITUS, Mr. CASE, Mr. KAHELE, Ms. BROWNLEY, Mr. GONZALEZ of 

Ohio, Mr. SESSIONS, Mr. AMODEI, Mr. TIMMONS, Mr. MOORE of Utah, 

Mr. MOONEY, Mr. BUDD, Mrs. MILLER of Illinois, Mr. FITZPATRICK, Mr. 

DAVIDSON, and Mr. JOHNSON of Louisiana) introduced the following bill; 

which was referred to the Committee on Financial Services 

SEPTEMBER 28, 2022 

Additional sponsors: Ms. SA ́NCHEZ, Ms. BONAMICI, Mr. SWALWELL, Mrs. 

TORRES of California, Mr. CARBAJAL, Mr. COHEN, Mr. NORMAN, Mr. 

ISSA, Mr. LAMALFA, Mr. BABIN, Ms. MACE, Mr. WILSON of South Carolina, Mr. BARR, Mr. CALVERT, Mr. RODNEY DAVIS of Illinois, Ms. 

CRAIG, Ms. NORTON, Mr. FEENSTRA, Mrs. MCCLAIN, Mr. MOORE of Alabama, Mr. GARBARINO, Mr. GARAMENDI, Mr. HUFFMAN, Ms. ADAMS, 

Mr. PANETTA, Mr. DAVID SCOTT of Georgia, Mr. COSTA, Ms. ESHOO, 

Mr. LOWENTHAL, Mr. SHERMAN, Mr. COOPER, Mr. LOUDERMILK, Mr. 

VALADAO, Mrs. HINSON, Mr. GROTHMAN, Mr. LEVIN of California, Mr. 

PETERS, Mr. CA ́RDENAS, Mr. DESAULNIER, Mrs. KIM of California, Mrs. 

WALORSKI, Mr. SCHIFF, Mr. HORSFORD, Mr. KILDEE, Mr. RUTHERFORD, Mr. OBERNOLTE, Mr. EVANS, Mr. NEGUSE, Mr. BISHOP of Georgia, Mr. EMMER, Mr. BILIRAKIS, Mr. CARL, Mr. KELLY of Mississippi, 

Mr. BURCHETT, Mr. LIEU, Ms. MANNING, Mrs. FISCHBACH, Mr. KELLY

of Pennsylvania, Ms. HERRERA BEUTLER, Mr. KUSTOFF, Mr. ARMSTRONG, Mr. BLUMENAUER, Mr. CASTEN, Mrs. LEE of Nevada, Ms. 

MCCOLLUM, Mr. SAN NICOLAS, Mr. PHILLIPS, Ms. CHU, Mr. POSEY, Mr. 

HUIZENGA, Mr. MCKINLEY, Mr. BENTZ, Ms. DAVIDS of Kansas, Mr. 

LATURNER, Mr. GRIFFITH, Mr. MANN, Mr. STAUBER, Mrs. MILLERMEEKS, Mrs. STEEL, Mrs. BICE of Oklahoma, Mr. JOHNSON of South 


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•HR 6889 RH

Dakota, Ms. WILD, Mr. LAMBORN, Mr. LARSEN of Washington, Ms. 

WILLIAMS of Georgia, Ms. BOURDEAUX, Mr. CROW, Mrs. LURIA, Mr. 

KILMER, Mr. FINSTAD, and Mr. FULCHER

SEPTEMBER 28, 2022 

Reported with amendments, committed to the Committee of the Whole House 

on the State of the Union, and ordered to be printed 

[Strike out all after the enacting clause and insert the part printed in italic] 

[For text of introduced bill, see copy of bill as introduced on March 1, 2022] 

A BILL 

To mend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other 

purposes. 


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•HR 6889 RH

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Credit Union Board 

5 Modernization Act’’. 

6 SEC. 2. FREQUENCY OF BOARD OF DIRECTORS MEETINGS. 

7 Section 113 of the Federal Credit Union Act (12 

8 U.S.C. 1761b) is amended— 

9 (1) by striking ‘‘monthly’’ each place such term 

10 appears; 

11 (2) in the matter preceding paragraph (1), by 

12 striking ‘‘The board of directors’’ and inserting the 

13 following: 

14 ‘‘(a) IN GENERAL.—The board of directors’’; 

15 (3) in subsection (a) (as so designated), by strik16 ing ‘‘shall meet at least once a month and’’; and 

17 (4) by adding at the end the following: 

18 ‘‘(b) MEETINGS.—The board of directors of a Federal 

19 credit union shall meet as follows: 

20 ‘‘(1) With respect to a de novo Federal credit 

21 union, not less frequently than monthly during each 

22 of the first five years of the existence of such Federal 

23 credit union. 


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•HR 6889 RH

1 ‘‘(2) Not less than six times annually, with at 

2 least one meeting held during each fiscal quarter, 

3 with respect to a Federal credit union— 

4 ‘‘(A) with composite rating of either 1 or 2 

5 under the Uniform Financial Institutions Rat6 ing System (or an equivalent rating under a 

7 comparable rating system); and 

8 ‘‘(B) with a capability of management rat9 ing under such composite rating of either 1 or 2. 

10 ‘‘(3) Not less frequently than once a month, with 

11 respect to a Federal credit union— 

12 ‘‘(A) with composite rating of either 3, 4, or 

13 5 under the Uniform Financial Institutions Rat14 ing System (or an equivalent rating under a 

15 comparable rating system); or 

16 ‘‘(B) with a capability of management rat17 ing under such composite rating of either 3, 4, 

18 or 5.’’. 

Amend the title so as to read: ‘‘A bill to amend the 

Federal Credit Union Act to modify the frequency of 

board of directors meetings, and for other purposes.’’. 


kjohnson on DSK79L0C42PROD with BILLS

kjohnson on DSK79L0C42PROD with BILLS
Union Calendar No. 386 

117TH CONGRESS 

2D SESSION H. R. 6889 

[Report No. 117–517] 

A BILL 

To mend the Federal Credit Union Act to modify 

for other purposes. the frequency of board of directors meetings, and 

SEPTEMBER 28, 2022 

Reported with amendments, committed to the Committee 

dered to be printed of the Whole House on the State of the Union, and orVerDate Sep 11 2014 03:11 Sep 29, 2022 Jkt 029200 PO 00000 Frm 00006 Fmt 6651 Sfmt 6651 E:\BILLS\H6889.RH H6889

kjohnson on DSK79L0C42PROD with BILLS