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II
116TH CONGRESS
2D SESSION
S. 3326
To amend the Federal Credit Union Act to remove outdated responsibilities
of boards of directors of Federal credit unions.
IN THE SENATE OF THE UNITED STATES
FEBRUARY 24, 2020
Mr. TILLIS (for himself and Mr. BURR) introduced the following bill; which
was read twice and referred to the Committee on Banking, Housing, and
Urban Affairs
A BILL
To amend the Federal Credit Union Act to remove outdated
responsibilities of boards of directors of Federal credit
unions.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘Credit Union Mod-
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ernization Act of 2019’’.
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SEC. 2. DUTIES OF BOARDS OF DIRECTORS OF FEDERAL
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CREDIT UNIONS.
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The Federal Credit Union Act (12 U.S.C. 1751 et
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seq.) is amended—
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•S 3326 IS
(1) in section 111(b) (12 U.S.C. 1761(b)), in
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the second sentence, by striking ‘‘credit committee,
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and loan officers’’ and inserting ‘‘and credit com-
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mittee’’; and
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(2) in section 113 (12 U.S.C. 1761b)—
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(A) in paragraph (1), by striking ‘‘act
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upon applications for membership or’’;
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(B) in paragraph (8), by striking ‘‘sub-
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chapter’’ and inserting ‘‘title’’;
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(C) by striking paragraph (10); and
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(D) by striking paragraphs (15) and (16).
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