adminBy Mike Lee
LSCU Director of Regulatory Advocacy
The National Credit Union Administration has a new proposed rule on combination transactions with non-credit unions. This new proposed rule will clarify the procedures and requirements currently in place that relate to combination transactions, including those in which a federally insured credit union (FICU) proposes to assume liabilities from a non-credit union, including a bank. They also include a FICU’s merger or consolidation with a non-credit union entity.
Further, the proposed rule clarifies the scope of section 741.8 of the NCUA’s regulations, which currently requires the NCUA to grant approval before a FICU may purchase loans or assume an assignment of deposits, shares or liabilities from any institution that is not insured by the National Credit Union Share Insurance Fund (NCUSIF).
Please submit your input on this issue by taking this survey.
Should you wish to discuss this topic further, please contact our Director of Regulatory Advocacy, Mike Lee michael.lee@lscu.coop
