The bill updates the frequency of board of directors meetings for Federal credit unions.
Meetings are adjusted based on the credit union's age, financial rating, and management capability.
For newer credit unions, meetings are required monthly for the first five years.
More established credit unions with higher ratings have reduced meeting frequency, while those with lower ratings meet monthly.
Credit Union Board Modernization Act
This bill reduces the required frequency of meetings held by the board of directors of certain credit unions. Under the bill, new credit unions and credit unions with a low soundness rating must meet monthly, as required under current law. All other credit unions must hold at least six meetings annually, with at least one meeting held during each fiscal quarter.