The United States House of Representatives passed H.R. 582, the Credit Union Board Modernization Act, with a 
unanimous vote on January 30th. The bill would allow flexibility for credit unions that have CAMELS composite ratings of 1 or 2, and have a management rating of 1 or 2, to hold no fewer than 6 meetings per year. Currently, credit unions must hold a board meeting each month. De Novo credit unions would be required to have monthly board meetings for the first 5 years of their existence.
