The final rule applies to any credit union that is insured by the National Credit Union Share Insurance Fund (NCUSIF) and that proposes to merge into or convert to any non credit union institution. The rule imposes new substantive requirements. The purposes of these requirements are to ensure that such transactions take place only pursuant to an informed vote of the credit union's members/owners, to prevent self-dealing and other abuses by individuals involved in the transactions and to ensure that these transactions do not present safety and soundness risks to the NCUSIF and the credit union system. State chartered NCUSIF insured credit unions may, on a case-by-case basis, obtain a waiver from NCUA's rules if state laws and procedures are determined to adequately address these concerns.