,,ii  #aaith ,,congress  #ast ,session  
,s4 #ebb  ,,in ,,the ,,senate ,,of ,,the
 ,,united ,,states  ,february #aa1      
#bjbe,mr4 ,hagerty 7for himself and ,ms4
 ,blunt ,rochester7 introduced the      
following bill2 which was read twice and
 referred to the ,committee on ,banking1
 ,housing1 and ,urban ,affairs  ,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 in paragraph 
7#ae71 by striking monthly each place   
the 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 7a71 as so designated1 in the

 matter preceding paragraph 7#a71 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 ,not  
less frequently than monthly during the 
#e-year period beginning on the date on 
which the organization certificate of   
the ,federal credit union is approved4  
7#b7 ,after the expiration of the       
#e-year period described in paragraph   
7#a7-- 7,a7 not less frequently than #f 
times annually1 with at least #a meeting
 held during each fiscal quarter1 with  
respect to a ,federal credit union-- 7i7
 with composite rating of #a or #b under
 the ,uniform ,financial ,institutions  
,rating ,system 7or an equivalent rating
 under a comparable rating system72 and 
7ii7 with a capability of management    
rating under the composite rating       
described in clause 7i7 of #a or #b2 and
  7,b7 not less frequently than monthly1
 with respect to a ,federal credit      

union-- 7i7 with composite rating of #c1
 #d1 or #e under the ,uniform ,financial
 ,institutions ,rating ,system 7or an   
equivalent rating under a comparable    
rating system72 or  7ii7 with a         
capability of management rating under   
the composite rating described in clause
 7i7 of #c1 #d1 or #e4  4