S.522

The Credit Union Board Modernization Act modifies the frequency of board of directors meetings for federal credit unions.

The Credit Union Board Modernization Act amends the Federal Credit Union Act to change how often federal credit unions must hold board of directors meetings. For the first five years after a federal credit union's certificate is approved, the board must meet monthly. After this initial period, the frequency of meetings is adjusted based on the credit union's rating under the Uniform Financial Institutions Rating System.