How often a board must meet turns on the credit union's age and rating
What the document says“``(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 a composite rating of either 1 or 2 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system); and”
The section adds a new subsection (b) to section 113 of the Federal Credit Union Act setting three schedules. A new credit union must meet at least monthly for its first five years. A credit union with a composite rating of 1 or 2 and a management rating of 1 or 2 must meet at least six times a year with at least one meeting each fiscal quarter. A credit union with a composite or management rating of 3, 4, or 5 must meet at least once a month.
What the document actually says“``(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 a composite rating of either 1 or 2 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system); and”
A well rated credit union must meet at least six times a year. At least one meeting must fall in each quarter. The rating must be 1 or 2 on a standard scale.
Examiners score a credit union from 1 to 5. A 1 or 2 means it is in good shape. A 3 or worse means the board keeps meeting monthly.
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