H.R. 582

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 582 Referred in Senate (RFS)]

<DOC>
118th CONGRESS
1st Session
H. R. 582

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

January 31, 2023

Received; read twice and referred to the Committee on Banking, 
Housing, and Urban Affairs

_______________________________________________________________________

AN ACT

To amend 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 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.''.

Passed the House of Representatives January 30, 2023.

Attest:

CHERYL L. JOHNSON,

Clerk.