S. 522 — Introduced in Senate

II 119th CONGRESS 1st Session S. 522 IN THE SENATE OF THE UNITED STATES February 11, 2025Mr. Hagerty (for himself and Ms. Blunt Rochester) 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 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) in paragraph (15), by striking monthly each place the 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, in the matter preceding paragraph (1), 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) Not less frequently than monthly during the 5-year period beginning on the date on which the organization certificate of the Federal credit union is approved. (2) After the expiration of the 5-year period described in paragraph (1)— (A) not less frequently than 6 times annually, with at least 1 meeting held during each fiscal quarter, with respect to a Federal credit union— (i) with composite rating of 1 or 2 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system); and (ii) with a capability of management rating under the composite rating described in clause (i) of 1 or 2; and (B) not less frequently than monthly, with respect to a Federal credit union— (i) with composite rating of 3, 4, or 5 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system); or (ii) with a capability of management rating under the composite rating described in clause (i) of 3, 4, or 5. .