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Corporate governance comment period extended
ALEXANDRIA, Va. (2/29/08)-- The National Credit Union Administration (NCUA) has extended the comment period to April 30 from March 31 as it considers amending its rules to more clearly define a credit union board's fiduciary duties in the face of major decisions, such as mergers or conversions to mutual thrifts. The agency approved an advanced noticed of proposed rulemaking (ANPR) on the subject at its January open board meeting. The Credit Union National Association (CUNA), as well as other concerned groups, requested the comment period extension so credit unions can carefully consider the important ANPR before commenting. In its ANPR, the NCUA asks for comment in the following areas:
* Credit union conversion into a financial institution other than an MSB. The agency said it is considering establishing an administrative framework and procedures rather than continue its case-by-case approach, and asks for comment on such things as whether such conversions are beneficial to credit union members; * Issues that affect member interests in restructuring transactions; * Is there a need for a regulation to address the fiduciary obligations a credit union director owes members and/or a need for additional regulatory provisions to guard against insider enrichment? * Communications to members. The NCUA is considering, for instance, a need to specifically state a prohibition against credit union officials stating or implying that the NCUA has endorsed the charter change or accompanying credit union materials; and * Member voting rights, such as the right to request a recount and the use of interim tallies.
CUNA will be reviewing the ANPR with several of its subcommittees during its Governmental Affairs Conference in Washington, D.C. next week.
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