[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 4325 Introduced in Senate (IS)]

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117th CONGRESS
  2d Session
                                S. 4325

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

                              May 26, 2022

  Ms. Sinema (for herself, Mr. Hagerty, Mr. Padilla, and Mr. Tillis) 
introduced the following bill; which was read twice and referred to the 
            Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
To amend the Federal Credit Union Act to modify the frequency of board 
             of directors meetings, and for other purposes.

    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 Board Modernization 
Act''.

SEC. 2. FREQUENCY OF BOARD OF DIRECTORS MEETINGS.

    Section 113 of the Federal Credit Union Act (12 U.S.C. 1761b) is 
amended--
            (1) in paragraph (15), by striking ``monthly'' each place 
        the term appears;
            (2) in the matter preceding paragraph (1), by striking 
        ``The board of directors shall meet at least once a month and'' 
        and inserting the following:
    ``(a) In General.--The board of directors''; and
            (3) by adding at the end the following:
    ``(b) Meetings.--The board of directors shall meet as follows:
            ``(1) Except as provided in paragraphs (2) and (3), not 
        less frequently than 6 times annually, with not fewer than 1 
        meeting held during each fiscal quarter.
            ``(2) Not less frequently than monthly during the 5-year 
        period beginning on the date on which the charter is issued.
            ``(3) Not less frequently than monthly with respect to a 
        Federal credit union with composite rating of 4 or 5 under the 
        Uniform Financial Institutions Rating System (or an equivalent 
        rating under a comparable rating system).''.
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