1. Short title This Act may be cited as the Credit Union Board Modernization Act . 2. Frequency of board of directors meetings Section 113 of the Federal Credit Union Act ( 12 U.S.C. 1761b ) is amended— (1) in paragraph (15), by striking monthly each place the term appears; (2) in the matter preceding paragraph (1), by striking The board of directors and inserting the following: (a) In general The board of directors ; (3) in subsection (a), as so designated, in the matter preceding paragraph (1), by striking shall meet at least once a month and ; and (4) by adding at the end the following: (b) Meetings The board of directors of a Federal credit union shall meet as follows: (1) Not less frequently than monthly during the 5-year period beginning on the date on which the organization certificate of the Federal credit union is approved. (2) After the expiration of the 5-year period described in paragraph (1)— (A) not less frequently than 6 times annually, with at least 1 meeting held during each fiscal quarter, with respect to a Federal credit union— (i) with composite rating of 1 or 2 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system); and (ii) with a capability of management rating under the composite rating described in clause (i) of 1 or 2; and (B) not less frequently than monthly, with respect to a Federal credit union— (i) with composite rating of 3, 4, or 5 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system); or (ii) with a capability of management rating under the composite rating described in clause (i) of 3, 4, or 5. .