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Comments due March 31 on board fiduciary duties
ALEXANDRIA, Va. (1/31/08)—Credit unions and others interested in commenting on possible changes to federal regulations defining a credit union board's fiduciary duties in the face of major decisions, such as mergers or conversions to mutual thrifts, must do so by March 31. The National Credit Union Administration (NCUA), at its open board meeting last week, agreed to seek comment on an advanced noticed of proposed rulemaking (ANPR), the focus of which the agency said is to protect members’ interests in transactions that involve fundamental changes in their ownership or in the structure of their credit union. The ANPR addresses six types of transactions: merger of a federally insured credit union (FICU) into another FICU; merger of such an institution into a privately insured credit union (PICU); conversion of a federally insured state-chartered credit union into a PICU; conversion of a FICU into a mutual savings bank (MSB) merger of a FICU into a financial institution other than a MSB; and conversion of a FICU into a financial institution other than a MSB. The transactions noted above are all legally permissible. However, the NCUA believes its current regulations may not adequately address the issues raised by the various forms of business deals The comment deadline was announced in a Federal Register document published Wednesday. Use the resource link below to access that document. The Credit Union National Association is drafting a credit union comment call, which will be posted soon on its Regulatory Advocacy Web site. Also, CUNA's Federal and Examinational and Supervisor Subcommittees will review the proposal and help develop a CUNA comment letter.
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