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Merger conversion rules on NCUAs final 2010 agenda
ALEXANDRIA, Va. (12/10/10)—A final rule addressing credit union mergers and conversions, as well as fiduciary duties and indemnification of credit union directors, highlights the final National Credit Union Administration (NCUA) meeting of 2010. The meeting is scheduled for 10 a.m. ET on Dec. 16. The NCUA’s final rule follows an earlier proposal that addressed parts 701, 708a and 708b of the NCUA's Rules and Regulations. The Credit Union National Association in September commented on the proposal, urging the NCUA not to limit credit unions’ ability to make payments to an institution-affiliated party (IAP) to compensate them for any legal costs they have incurred in connection with administrative or legal proceedings by NCUA or a state regulator if the IAP was assessed a money penalty, removed from office, or the subject of a cease and desist order. Potential amendments to the NCUA’s low income definition and rules that address the accuracy of advertising and insurance status notices will also be discussed during the meeting. A proposed rule addressing Part 745 of the NCUA's rules and regulations, Share Insurance, Non-interest-bearing Transaction Accounts, will also be up for consideration. The NCUA will discuss Tri-State FCU's appeal of a previously denied field of membership expansion request, and will cover a change to the overhead reimbursement practices of its Central Liquidity Facility. The NCUA’s monthly report on the status of its insurance funds will also be delivered during the meeting. A closed NCUA session will take place on Friday, Dec. 17. The agenda for that meeting had not been released at press time. For the full NCUA meeting schedule, use the resource link.
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