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Emergency Mergers and Reorganization Rules Adopted at NCUA Board Meeting
Friday, December 15, 2017 6:40 AM

The National Credit Union Administration Board met Thursday for its December open board meeting with a brief agenda. The board voted to finalize rules on emergency mergers and agency reorganization.

Final Rule Part 701, Emergency Mergers
The rule adopted Thursday:

  • Refines the current definition of the term "in danger of insolvency," as it pertains to emergency mergers of undercapitalized credit unions, and to expand the eligibility for emergency mergers; extends the forecast horizons within which a credit union's net worth is expected to become either insolvent or drop below 2 percent net worth ratio; and
  • Provides that credit unions assisted under Section 208 of the Federal Credit Union Act in the 15 months prior may be deemed "in danger of insolvency."

Learn more.

Final Rule Parts 701, 705,708a, 708b, and 790, Agency Reorganization
The final rule on agency reorganization transfers oversight of chartering credit unions from the Office of Consumer Financial Protection and Access to the Office of Credit Union Resources and Expansion (CURE), as part of the agency's Examination Modernization Plan.
CURE will now oversee credit union development, grants and loans, minority depository institutions, chartering, and field of membership.

Learn more.