[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 3326 Introduced in Senate (IS)]

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116th CONGRESS
  2d Session
                                S. 3326

       To amend the Federal Credit Union Act to remove outdated 
   responsibilities of boards of directors of Federal credit unions.


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                   IN THE SENATE OF THE UNITED STATES

                           February 24, 2020

 Mr. Tillis (for himself and Mr. Burr) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

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                                 A BILL


 
       To amend the Federal Credit Union Act to remove outdated 
   responsibilities of boards of directors of Federal credit unions.

    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 Modernization Act of 
2019''.

SEC. 2. DUTIES OF BOARDS OF DIRECTORS OF FEDERAL CREDIT UNIONS.

    The Federal Credit Union Act (12 U.S.C. 1751 et seq.) is amended--
            (1) in section 111(b) (12 U.S.C. 1761(b)), in the second 
        sentence, by striking ``credit committee, and loan officers'' 
        and inserting ``and credit committee''; and
            (2) in section 113 (12 U.S.C. 1761b)--
                    (A) in paragraph (1), by striking ``act upon 
                applications for membership or'';
                    (B) in paragraph (8), by striking ``subchapter'' 
                and inserting ``title'';
                    (C) by striking paragraph (10); and
                    (D) by striking paragraphs (15) and (16).
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