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FTC tweaks merger rules
WASHINGTON (5/7/10)--The Federal Trade Commission has granted waivers from the standard merger waiting period for several financial institution mergers and acquisitions, including a credit union merger between Detroit Edison CU and NuUnion CU. Credit unions are among the financial institutions that are covered by the FTC's pre-merger filing requirement under the Hart-Scott-Rodino Act Antitrust Act of 1976. The Hart-Scott-Rodino Act's pre-merger notification provisions require “persons contemplating certain mergers or acquisitions” to provide the FTC and the Assistant Attorney General of the United States with “advance notice” of the plans and “wait designated periods before consummation” of those plans. Portions of the act allow the FTC to “terminate this waiting period prior to its expiration” in certain cases. Credit unions may recall that the FTC, in 2007, increased its Hart-Scott-Rodino Act pre-merger filing fees for businesses, including credit unions. However, that fee applies to relatively few credit union mergers in practice because businesses below certain asset thresholds are exempted from the pre-merger filing requirement and many types of credit union assets do not count towards this threshold. Larger credit unions, however, are required to file the pre-merger notice with FTC and pay the filing fee. For the full FTC release, use the resource link.
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