An amended merger rule should not increase the burden for the merging or acquiring credit unions, CUNA told NCUA Monday in response to the agency’s proposed rule to alter federal credit union merger procedures.
NCUA’s plan to close the Temporary Corporate Credit Union Stabilization Fund and setting the share insurance fund’s operating level was published in the Federal Register Thursday. Comments on the proposal are due by Sept. 5.
The NCUA announced consolidation of regional offices and reorganization of staff Friday as part of Chairman J. Mark McWatters’ reevaluation of agency operations, including consolidation of the 5 regional offices into 3.
A federal credit union can issue and sell securities, provided it meets a 3-pronged test detailed in NCUA’s regulations on items considered incidental powers. NCUA issued this stance in a legal opinion letter.
CUNA and 2 other organizations jointly filed an amicus brief Wednesday in defense of NCUA's revised field-of-membership rule. The brief supports NCUA's cross-motion for summary judgement against the suit brought by the American Bankers Association.