Credit Union Board Modernization Act

(1) by striking monthly each place such term appears;

(2) in the matter preceding paragraph (1), by striking The board of directors and inserting the following:

The board of directors;

(3) in subsection (a) (as so designated), by striking shall meet at least once a month and; and

(4) by adding at the end the following:

The board of directors of a Federal credit union shall meet as follows:

(1) 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.

(2) Not less than six times annually, with at least one meeting held during each fiscal quarter, with respect to a Federal credit union—

(A) with composite rating of either 1 or 2 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system); and

(B) with a capability of management rating under such composite rating of either 1 or 2.

(3) Not less frequently than once a month, with respect to a Federal credit union—

(A) with composite rating of either 3, 4, or 5 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system); or

(B) with a capability of management rating under such composite rating of either 3, 4, or 5.