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Senate Bill 610
118th Congress(2023-2024)
Credit Union Board Modernization Act
Introduced
Introduced
Introduced in Senate on Mar 1, 2023
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Text
Introduced in Senate 
Mar 1, 2023
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Introduced in Senate(Mar 1, 2023)
Mar 1, 2023
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.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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S. 610 (Introduced-in-Senate)


118th CONGRESS
1st Session
S. 610


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

March 1, 2023

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” 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.”.