Sec. 2. Frequency of board of directors meetings
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Section 113 of the Federal Credit Union Act ( 12 U.S.C. 1761b ) is amended— by striking monthly each place such term appears; in the matter preceding paragraph (1), by striking The board of directors and inserting the following: The board of directors ; in subsection
(a)(as so designated), by striking shall meet at least once a month and ; and by adding at the end the following: The board of directors of a Federal credit union shall meet as follows: With respect to a Federal credit union, not less than six times annually, with at least one meeting held during each fiscal quarter. With respect to a de novo Federal credit union, not less frequently than monthly during each of the first five years of the existence of such Federal credit union. With respect to a Federal credit union with composite rating of either 4 or 5 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system), not less frequently than once a month. .
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Sec. 2
Frequency of board of directors meetings
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