II
119THCONGRESS
1
STSESSION S. 522
To amend the Federal Credit Union Act to modify the frequency of board
of directors meetings, and for other purposes.
IN THE SENATE OF THE UNITED STATES
FEBRUARY11, 2025
Mr. H
AGERTY(for himself and Ms. BLUNTROCHESTER) introduced the fol-
lowing bill; which was read twice and referred to the Committee on Bank-
ing, Housing, and Urban Affairs
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
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•S 522 IS
(1) in paragraph (15), by striking ‘‘monthly’’ 1
each place the term appears; 2
(2) in the matter preceding paragraph (1), by 3
striking ‘‘The board of directors’’ and inserting the 4
following: 5
‘‘(a) I
NGENERAL.—The board of directors’’; 6
(3) in subsection (a), as so designated, in the 7
matter preceding paragraph (1), by striking ‘‘shall 8
meet at least once a month and’’; and 9
(4) by adding at the end the following: 10
‘‘(b) M
EETINGS.—The board of directors of a Federal 11
credit union shall meet as follows: 12
‘‘(1) Not less frequently than monthly during 13
the 5-year period beginning on the date on which the 14
organization certificate of the Federal credit union is 15
approved. 16
‘‘(2) After the expiration of the 5-year period 17
described in paragraph (1)— 18
‘‘(A) not less frequently than 6 times an-19
nually, with at least 1 meeting held during each 20
fiscal quarter, with respect to a Federal credit 21
union— 22
‘‘(i) with composite rating of 1 or 2 23
under the Uniform Financial Institutions 24
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Rating System (or an equivalent rating 1
under a comparable rating system); and 2
‘‘(ii) with a capability of management 3
rating under the composite rating de-4
scribed in clause (i) of 1 or 2; and 5
‘‘(B) not less frequently than monthly, 6
with respect to a Federal credit union— 7
‘‘(i) with composite rating of 3, 4, or 8
5 under the Uniform Financial Institutions 9
Rating System (or an equivalent rating 10
under a comparable rating system); or 11
‘‘(ii) with a capability of management 12
rating under the composite rating de-13
scribed in clause (i) of 3, 4, or 5.’’. 14
Æ
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