#aagth ,,congress  #b;d ,session  ,h4   
,r4 #fhhi  ,,an ,,act  ,to amend the    
,federal ,credit ,union ,act to modify  
the frequency of board of directors     
meetings1 and for other purposes4  #a4  
,short title ,this ,act may be cited as 
the ,credit ,union ,board ,modernization
 ,act4  #b4 ,frequency of board of      
directors meetings ,section #aac of the 
,federal ,credit ,union ,act 7#ab       
,u4,s4,c4 #agfa;b7 is amended--  7#a7 by
 striking monthly each place such term  
appears2  7#b7 in the matter preceding  
paragraph 7#a71 by striking ,the board  
of directors and inserting the          
following3  7a7 ,in general ,the board  
of directors  2  7#c7 in subsection 7a7 
7as so designated71 by striking shall   
meet at least once a month and2 and     
7#d7 by adding at the end the following3
  7b7 ,meetings ,the board of directors 
of a ,federal credit union shall meet as
 follows3  7#a7 ,with respect to a de   
novo ,federal credit union1 not less    
frequently than monthly during each of  

the first five years of the existence of
 such ,federal credit union4  7#b7 ,not 
less than six times annually1 with at   
least one meeting held during each      
fiscal quarter1 with respect to a       
,federal credit union--  7,a7 with      
composite rating of either #a or #b     
under the ,uniform ,financial           
,institutions ,rating ,system 7or an    
equivalent rating under a comparable    
rating system72 and  7,b7 with a        
capability of management rating under   
such composite rating of either #a or   
#b4  7#c7 ,not less frequently than once
 a month1 with respect to a ,federal    
credit union-- 7,a7 with composite      
rating of either #c1 #d1 or #e under the
 ,uniform ,financial ,institutions      
,rating ,system 7or an equivalent rating
 under a comparable rating system72 or  
7,b7 with a capability of management    
rating under such composite rating of   
either #c1 #d1 or #e4  4  #c4           
,determination of budgetary effects ,the
 budgetary effects of this ,act1 for the

 purpose of complying with the          
,statutory ,pay-,as-,you-,go ,act of    
#bjaj1 shall be determined by reference 
to the latest statement titled          
,budgetary ,effects of ,,paygo          
,legislation for this ,act1 submitted   
for printing in the ,congressional      
,record by the ,chairman of the ,house  
,budget ,committee1 provided that such  
statement has been submitted prior to   
the vote on passage4  ,passed the ,house
 of ,representatives ,september #bi1    
#bjbb4;,clerk4