I
119THCONGRESS
1
STSESSION H. R. 975
To amend the Federal Credit Union Act to modify the frequency of board
of directors meetings, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
FEBRUARY4, 2025
Mr. V
ARGAS(for himself and Mr. HUIZENGA) introduced the following bill;
which was referred to the Committee on Financial Services
A BILL
To amend the Federal Credit Union Act to modify the fre-
quency of board of directors meetings, and for other
purposes.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Credit Union Board 4
Modernization Act’’. 5
SEC. 2. FREQUENCY OF BOARD OF DIRECTORS MEETINGS. 6
Section 113 of the Federal Credit Union Act (12 7
U.S.C. 1761b) is amended— 8
(1) by striking ‘‘monthly’’ each place such term 9
appears; 10
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(2) in the matter preceding paragraph (1), by 1
striking ‘‘The board of directors’’ and inserting the 2
following: 3
‘‘(a) I
NGENERAL.—The board of directors’’; 4
(3) in subsection (a) (as so designated), by 5
striking ‘‘shall meet at least once a month and’’; and 6
(4) by adding at the end the following: 7
‘‘(b) M
EETINGS.—The board of directors of a Federal 8
credit union shall meet as follows: 9
‘‘(1) With respect to a de novo Federal credit 10
union, not less frequently than monthly during each 11
of the first five years of the existence of such Fed-12
eral credit union. 13
‘‘(2) Not less than six times annually, with at 14
least one meeting held during each fiscal quarter, 15
with respect to a Federal credit union— 16
‘‘(A) with composite rating of either 1 or 17
2 under the Uniform Financial Institutions 18
Rating System (or an equivalent rating under a 19
comparable rating system); and 20
‘‘(B) with a capability of management rat-21
ing under such composite rating of either 1 or 22
2. 23
‘‘(3) Not less frequently than once a month, 24
with respect to a Federal credit union— 25
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‘‘(A) with composite rating of either 3, 4, 1
or 5 under the Uniform Financial Institutions 2
Rating System (or an equivalent rating under a 3
comparable rating system); or 4
‘‘(B) with a capability of management rat-5
ing under such composite rating of either 3, 4, 6
or 5.’’. 7
Æ
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