#aaith ,,congress  #ast ,session  ,h4   
,r4 #ige  ,,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  ,passed the   
,house of ,representatives ,february    
#aj1 #bjbe4;,clerk4