Us Congress 2025-2026 Regular Session

Us Congress House Bill HB975 Compare Versions

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Old	New		Differences
	1	+	I
1	2		119THCONGRESS
2	3		1
3	4		STSESSION H. R. 975
4		-	AN ACT
	5	+	To amend the Federal Credit Union Act to modify the frequency of board
	6	+	of directors meetings, and for other purposes.
	7	+	IN THE HOUSE OF REPRESENTATIVES
	8	+	FEBRUARY4, 2025
	9	+	Mr. V
	10	+	ARGAS(for himself and Mr. HUIZENGA) introduced the following bill;
	11	+	which was referred to the Committee on Financial Services
	12	+	A BILL
5	13		To amend the Federal Credit Union Act to modify the fre-
6	14		quency of board of directors meetings, and for other
7	15		purposes.
8	16		Be it enacted by the Senate and House of Representa-1
9		-	tives of the United States of America in Congress assembled, 2 2
10		-	•HR 975 EH
11		-	SECTION 1. SHORT TITLE. 1
12		-	This Act may be cited as the ‘‘Credit Union Board 2
13		-	Modernization Act’’. 3
14		-	SEC. 2. FREQUENCY OF BOARD OF DIRECTORS MEETINGS. 4
15		-	Section 113 of the Federal Credit Union Act (12 5
16		-	U.S.C. 1761b) is amended— 6
17		-	(1) by striking ‘‘monthly’’ each place such term 7
18		-	appears; 8
19		-	(2) in the matter preceding paragraph (1), by 9
20		-	striking ‘‘The board of directors’’ and inserting the 10
21		-	following: 11
	17	+	tives of the United States of America in Congress assembled, 2
	18	+	SECTION 1. SHORT TITLE. 3
	19	+	This Act may be cited as the ‘‘Credit Union Board 4
	20	+	Modernization Act’’. 5
	21	+	SEC. 2. FREQUENCY OF BOARD OF DIRECTORS MEETINGS. 6
	22	+	Section 113 of the Federal Credit Union Act (12 7
	23	+	U.S.C. 1761b) is amended— 8
	24	+	(1) by striking ‘‘monthly’’ each place such term 9
	25	+	appears; 10
	26	+	VerDate Sep 11 2014 22:39 Feb 07, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H975.IH H975
	27	+	ssavage on LAPJG3WLY3PROD with BILLS 2
	28	+	•HR 975 IH
	29	+	(2) in the matter preceding paragraph (1), by 1
	30	+	striking ‘‘The board of directors’’ and inserting the 2
	31	+	following: 3
22	32		‘‘(a) I
23		-	NGENERAL.—The board of directors’’; 12
24		-	(3) in subsection (a) (as so designated), by 13
25		-	striking ‘‘shall meet at least once a month and’’; and 14
26		-	(4) by adding at the end the following: 15
	33	+	NGENERAL.—The board of directors’’; 4
	34	+	(3) in subsection (a) (as so designated), by 5
	35	+	striking ‘‘shall meet at least once a month and’’; and 6
	36	+	(4) by adding at the end the following: 7
27	37		‘‘(b) M
28		-	EETINGS.—The board of directors of a Federal 16
29		-	credit union shall meet as follows: 17
30		-	‘‘(1) With respect to a de novo Federal credit 18
31		-	union, not less frequently than monthly during each 19
32		-	of the first five years of the existence of such Fed-20
33		-	eral credit union. 21
34		-	‘‘(2) Not less than six times annually, with at 22
35		-	least one meeting held during each fiscal quarter, 23
36		-	with respect to a Federal credit union— 24
37		-	‘‘(A) with composite rating of either 1 or 25
38		-	2 under the Uniform Financial Institutions 26 3
39		-	•HR 975 EH
40		-	Rating System (or an equivalent rating under a 1
41		-	comparable rating system); and 2
42		-	‘‘(B) with a capability of management rat-3
43		-	ing under such composite rating of either 1 or 4
44		-	2. 5
45		-	‘‘(3) Not less frequently than once a month, 6
46		-	with respect to a Federal credit union— 7
47		-	‘‘(A) with composite rating of either 3, 4, 8
48		-	or 5 under the Uniform Financial Institutions 9
49		-	Rating System (or an equivalent rating under a 10
50		-	comparable rating system); or 11
51		-	‘‘(B) with a capability of management rat-12
52		-	ing under such composite rating of either 3, 4, 13
53		-	or 5.’’. 14
54		-	Passed the House of Representatives February 10,
55		-	2025.
56		-	Attest:
57		-	Clerk. 119
58		-	TH
59		-	CONGRESS
60		-	1
61		-	ST
62		-	S
63		-	ESSION
64		-
65		-	H. R. 975
66		-	AN ACT
67		-	To amend the Federal Credit Union Act to modify
68		-	the frequency of board of directors meetings, and
69		-	for other purposes.
	38	+	EETINGS.—The board of directors of a Federal 8
	39	+	credit union shall meet as follows: 9
	40	+	‘‘(1) With respect to a de novo Federal credit 10
	41	+	union, not less frequently than monthly during each 11
	42	+	of the first five years of the existence of such Fed-12
	43	+	eral credit union. 13
	44	+	‘‘(2) Not less than six times annually, with at 14
	45	+	least one meeting held during each fiscal quarter, 15
	46	+	with respect to a Federal credit union— 16
	47	+	‘‘(A) with composite rating of either 1 or 17
	48	+	2 under the Uniform Financial Institutions 18
	49	+	Rating System (or an equivalent rating under a 19
	50	+	comparable rating system); and 20
	51	+	‘‘(B) with a capability of management rat-21
	52	+	ing under such composite rating of either 1 or 22
	53	+	2. 23
	54	+	‘‘(3) Not less frequently than once a month, 24
	55	+	with respect to a Federal credit union— 25
	56	+	VerDate Sep 11 2014 22:39 Feb 07, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H975.IH H975
	57	+	ssavage on LAPJG3WLY3PROD with BILLS 3
	58	+	•HR 975 IH
	59	+	‘‘(A) with composite rating of either 3, 4, 1
	60	+	or 5 under the Uniform Financial Institutions 2
	61	+	Rating System (or an equivalent rating under a 3
	62	+	comparable rating system); or 4
	63	+	‘‘(B) with a capability of management rat-5
	64	+	ing under such composite rating of either 3, 4, 6
	65	+	or 5.’’. 7
	66	+	Æ
	67	+	VerDate Sep 11 2014 22:39 Feb 07, 2025 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H975.IH H975
	68	+	ssavage on LAPJG3WLY3PROD with BILLS