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NCUA Proposes Changes for Merger Disclosures, Transparency
Friday, May 26, 2017 6:40 AM

The NCUA board approved three proposed rules for comment at Thursday’s board meeting: rules concerning appeals, the Supervisory Review Committee, and voluntary mergers. The meeting also featured a quarterly update on the Temporary Corporate Credit Union Stabilization Fund (TCCUSF).

Corporate Stabilization Fund Quarterly Report
The TCCUSF showed net income of $43.8 million during the first quarter of 2017. Based on current projections, NCUA expects no future TCCUSF assessments to credit unions. As always, projections about the TCCUSF are subject to change based on the performance of legacy assets and economic variables. Review the entire quarterly TCCUSF report

Appeals Procedures and Supervisory Review Committee
The Board approved two companion proposals regarding the appeals process and supervisory review during examination. The appeals proposal would create a uniform process for the right of appeal. The Supervisory Review Committee proposal would expand the number of supervisory determinations appealable to the Supervisory Review Committee. The expectation of proposing these companion rules would be to create more consistent practices and to be more aligned with the practices of other federal banking agencies. Under these proposed rules, an appeal at any level would not delay or impede any supervisory or enforcement action in progress.

Voluntary Mergers of Federal Credit Unions
The Board also approved a voluntary mergers proposal that would open up member communications in voluntary mergers. This newly proposed rule would require merging credit unions to disclose all merger-related compensation. The proposal would increase the required time for notice to members before a merger vote to at least 45 days and would clarify the contents and format of the members' notice to provide better information. Commenters will have 60 days to comment on the proposed rule once it is published in the Federal Register.