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Mergers of Federally-Insured Credit Unions; Voluntary Termination or Conversion of Insured Status

NCUA · final-rule · Published 2005-01-24 · Effective 2005-02-23 · 70 FR 3279

Document

Document number
05-1165
Federal Register citation
70 FR 3279
CFR reference
12 CFR 708
Type
Rule
Action
Final rule.
Category
final-rule
Agency
US National Credit Union Administration
Publication date
2005-01-24
Effective date
2005-02-23

Abstract

The National Credit Union Administration (NCUA) is issuing final revisions to its rule on credit union mergers, federal share insurance terminations, and conversions from federal share insurance to nonfederal insurance. The final rule establishes disclosure requirements to ensure that members have the opportunity to be fully and properly informed before they vote on whether to convert from federal insurance to nonfederal insurance. The rule provides protections to members who may lose federal insurance because they have large insured accounts at two federally-insured credit unions that are merging or they have term accounts at a federally-insured credit union that is converting to nonfederal insurance. The rule also requires merging credit unions to analyze the premerger requirements imposed on credit unions by the Hart-Scott-Rodino Act and provides other miscellaneous updates to the existing rule governing credit union mergers, terminations, and conversions of share insurance.

Source

Authoritative
Federal Register document
Machine
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