H.R. 6889 — Introduced in House

I 117th CONGRESS 2d Session H. R. 6889 IN THE HOUSE OF REPRESENTATIVES March 1, 2022 Mr. Vargas (for himself, Ms. Porter, Mr. Aguilar, Ms. Roybal-Allard, Ms. Titus, Mr. Case, Mr. Kahele, Ms. Brownley, Mr. Gonzalez of Ohio, Mr. Sessions, Mr. Amodei, Mr. Timmons, Mr. Moore of Utah, Mr. Mooney, Mr. Budd, Mrs. Miller of Illinois, Mr. Fitzpatrick, Mr. Davidson, and Mr. Johnson of Louisiana) introduced the following bill; which was referred to the Committee on Financial Services A BILL To mend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes. 1. Short title This Act may be cited as the Credit Union Board Modernization Act. 2. Frequency of board of directors meetings Section 113 of the Federal Credit Union Act (12 U.S.C. 1761b) is amended— (1) by striking monthly each place such term appears; (2) in the matter preceding paragraph (1), by striking The board of directors and inserting the following: (a) In general The board of directors ; (3) in subsection (a) (as so designated), by striking shall meet at least once a month and; and (4) by adding at the end the following: (b) Meetings The board of directors of a Federal credit union shall meet as follows: (1) With respect to a Federal credit union, not less than six times annually, with at least one meeting held during each fiscal quarter. (2) With respect to a de novo Federal credit union, not less frequently than monthly during each of the first five years of the existence of such Federal credit union. (3) With respect to a Federal credit union with composite rating of either 4 or 5 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system), not less frequently than once a month. .