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Senate Bill 4325
117th Congress(2021-2022)
Credit Union Board Modernization Act
Introduced
Introduced
Introduced in Senate on May 26, 2022
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Text
Introduced in Senate 
May 26, 2022
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Introduced in Senate(May 26, 2022)
May 26, 2022
About Linkage
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Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
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S. 4325 (Introduced-in-Senate)


117th CONGRESS
2d Session
S. 4325


To amend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other purposes.

IN THE SENATE OF THE UNITED STATES

May 26, 2022

Ms. Sinema (for herself, Mr. Hagerty, Mr. Padilla, and Mr. Tillis) 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.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Credit Union Board Modernization Act”.

SEC. 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 shall meet at least once a month and” and inserting the following:

“(a) In general.—The board of directors”; and

(3) by adding at the end the following:

“(b) Meetings.—The board of directors shall meet as follows:

“(1) Except as provided in paragraphs (2) and (3), not less frequently than 6 times annually, with not fewer than 1 meeting held during each fiscal quarter.

“(2) Not less frequently than monthly during the 5-year period beginning on the date on which the charter is issued.

“(3) Not less frequently than monthly with respect to a Federal credit union with composite rating of 4 or 5 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system).”.