S. 3326 — Introduced in Senate

II 116th CONGRESS 2d Session S. 3326 IN THE SENATE OF THE UNITED STATES February 24, 2020Mr. 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referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Federal Credit Union Act to remove outdated responsibilities of boards of directors of Federal credit unions. 1. Short title This Act may be cited as the Credit Union Modernization Act of 2019. 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).