,i  #aaith ,,congress  #ast ,session    
,h4 ,r4 #ige  ,,in ,,the ,,house ,,of   
,,representatives  ,february #d1        
#bjbe,mr4 ,vargas 7for himself and ,mr4 
,huizenga7 introduced the following     
bill2 which was referred to the         
,committee on ,financial ,services  ,a  
,,bill  ,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