Title: Credit Union Board Modernization Act
Policy area: Finance and Financial Sector

Summary:
Credit Union Board Modernization Act
This bill revises the frequency of meetings required to be held by a credit union's board of directors. Specifically, the bill requires monthly meetings for new credit unions during their first five years and for credit unions with a low soundness rating. All other credit unions must hold at least six meetings annually, with at least one meeting held during each fiscal quarter. Currently, all credit union boards must meet at least once a month.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6889 Introduced in House (IH)]

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117th CONGRESS
  2d Session
                                H. R. 6889

 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

_______________________________________________________________________

                                 A BILL


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

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Credit Union Board Modernization 
Act''.

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:
            ``(1) With respect to a Federal credit union, not less than 
        six times annually, with at least one meeting held during each 
        fiscal quarter.
            ``(2) 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.
            ``(3) With respect to a Federal credit union with composite 
        rating of either 4 or 5 under the Uniform Financial 
        Institutions Rating System (or an equivalent rating under a 
        comparable rating system), not less frequently than once a 
        month.''.
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