119THCONGRESS
1
STSESSION H. R. 975
AN ACT
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 2
•HR 975 EH
SECTION 1. SHORT TITLE. 1
This Act may be cited as the ‘‘Credit Union Board 2
Modernization Act’’. 3
SEC. 2. FREQUENCY OF BOARD OF DIRECTORS MEETINGS. 4
Section 113 of the Federal Credit Union Act (12 5
U.S.C. 1761b) is amended— 6
(1) by striking ‘‘monthly’’ each place such term 7
appears; 8
(2) in the matter preceding paragraph (1), by 9
striking ‘‘The board of directors’’ and inserting the 10
following: 11
‘‘(a) I
NGENERAL.—The board of directors’’; 12
(3) in subsection (a) (as so designated), by 13
striking ‘‘shall meet at least once a month and’’; and 14
(4) by adding at the end the following: 15
‘‘(b) M
EETINGS.—The board of directors of a Federal 16
credit union shall meet as follows: 17
‘‘(1) With respect to a de novo Federal credit 18
union, not less frequently than monthly during each 19
of the first five years of the existence of such Fed-20
eral credit union. 21
‘‘(2) Not less than six times annually, with at 22
least one meeting held during each fiscal quarter, 23
with respect to a Federal credit union— 24
‘‘(A) with composite rating of either 1 or 25
2 under the Uniform Financial Institutions 26 3
•HR 975 EH
Rating System (or an equivalent rating under a 1
comparable rating system); and 2
‘‘(B) with a capability of management rat-3
ing under such composite rating of either 1 or 4
2. 5
‘‘(3) Not less frequently than once a month, 6
with respect to a Federal credit union— 7
‘‘(A) with composite rating of either 3, 4, 8
or 5 under the Uniform Financial Institutions 9
Rating System (or an equivalent rating under a 10
comparable rating system); or 11
‘‘(B) with a capability of management rat-12
ing under such composite rating of either 3, 4, 13
or 5.’’. 14
Passed the House of Representatives February 10,
2025.
Attest:
Clerk. 119
TH
CONGRESS
1
ST
S
ESSION
H. R. 975
AN ACT
To amend the Federal Credit Union Act to modify
the frequency of board of directors meetings, and
for other purposes.