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H. Rept. 117-517 1 (2022-09-28)

handle is hein.congrecreports/crptxaeti0001 and id is 1 raw text is: AUTHENTICATED U.S. GOVERNMENT INFORMATION . 117TH CONGRESS REPORT 2d Session HOUSE OF REPRESENTATIVES 117-517 CREDIT UNION BOARD MODERNIZATION ACT SEPTEMBER 28, 2022.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Ms. WATERS, from the Committee on Financial Services, submitted the following R E P O R T [To accompany H.R. 6889] The Committee on Financial Services, to whom was referred the bill (H.R. 6889) to amend the Federal Credit Union Act to modify the frequency of board of directors meetings, and for other pur- poses, having considered the same, reports favorably thereon with amendments and recommends that the bill as amended do pass. CONTENTS Page Purpose and Sum m ary ............................................................................................ 2 Background and Need for Legislation ................................................................... 2 Section-by-Section Analysis of the Legislation ..................................................... 3 H e a rin g s ................................................................................................................... 3 Com m ittee Consideration ........................................................................................ 3 C om m ittee V otes ...................................................................................................... 3 Com m ittee Oversight Findings .............................................................................. 3 Statement of Performance Goals and Objectives .................................................. 3 New Budget Authority and C.B.O. Cost Estimate ............................................... 3 Com m ittee Cost E stim ate ....................................................................................... 4 Federal M andates Statem ent ................................................................................. 4 A dvisory Com m ittee Statem ent ............................................................................. 4 Applicability to Legislative Branch ....................................................................... 4 Congressional Earmarks, Limited Tax Benefits, and Limited Tariff Benefits ... 4 D uplicative Federal Program s ............................................................................... 4 The amendments are as follows: Strike all after the enacting clause and insert the following: SECTION 1. SHORT TITLE. This Act may be cited as the Credit Union Board Modernization Act. SEC. 2. FREQUENCY OF BOARD OF DIRECTORS MEETINGS. Section 113 of the Federal Credit Union Act (12 U.S.C. 1761b) is amended- (1) by striking monthly each place such term appears; 29-006