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News Now

Washington
CUNA reviewing NCUA merger PandA letter
WASHINGTON (7/23/10)—The Credit Union National Association (CUNA) is encouraged by the National Credit Union Administration’s (NCUA) attempts to clarify the credit union merger process, and its Mergers Task Force is reviewing NCUA letter No. 10-CU-11 in detail. The NCUA’s guidance, which was provided in a July 2 letter to credit unions, provides a general overview on the merger process and details how and why the NCUA selects certain partners for assisted mergers or purchase and assumption (P&A) transactions. The guidance also covers the P&A process, types of mergers, and the criteria used to evaluate those mergers and P&As. The NCUA’s guidance came in response to credit union complaints. Credit unions have repeatedly asked the NCUA to provide greater transparency. CUNA’s Mergers Task Force, which was formed early this year, will monitor NCUA’s implementation going forward. For more extensive coverage of the NCUA’s merger and P&A processes, see the July 19 issue of NewsWatch.


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