S. 522 — Credit Union Board Modernization Act

This section revises board of directors meeting frequency requirements for Federal credit unions from at least monthly to a tiered schedule based on the credit union's age since approval of its organization certificate and supervisory ratings under the Uniform Financial Institutions Rating System (i.e., composite rating of 1-5 and management capability rating of 1-5). Specifically, after restructuring the provision into subsections (a) (general duties) and (b) (meetings), it requires boards to meet (1) not less frequently than monthly during the first five years; and (2) after five years, not less frequently than six times annually (with at least one meeting per fiscal quarter) for credit unions with both composite and management capability ratings of 1 or 2, or monthly for credit unions with either rating of 3, 4, or 5. This section also requires boards to review lists of approved or pending applications at each meeting (previously, each monthly meeting).