Credit Union Board Modernization Act modifies meeting frequency for credit union boards.
The Credit Union Board Modernization Act amends the Federal Credit Union Act to change how often credit union boards of directors must meet. New rules specify that de novo credit unions must meet monthly for the first five years. Other credit unions must meet at least six times a year, with at least one meeting per fiscal quarter, if they have a composite rating of 1 or 2. All other credit unions must meet at least once a month.
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