WASHINGTON, Feb. 11 -- National Credit Union Administration has issued a proposed rule called: Mergers of Insured Credit Unions Into Other Credit Unions; Voluntary Termination or Conversion of Insured Status.
The proposed rule was published in the Federal Register on Feb. 11 by Melane Conyers-Ausbrooks, Secretary of the Board.
Summary: The NCUA Board (Board) proposes to amend its regulations governing the voluntary termination of federal share insurance to streamline member communication requirements. This action is necessary to reduce regulatory burden by eliminating overly prescriptive formatting rules for the mandatory disclosure statement that credit unions must provide to members. The intended effect is to simplify compliance and pro...