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Comment due May 28 on NCUA changes for merger director rules
WASHINGTON (3/30/10)--The National Credit Union Administration (NCUA) on Monday published for public comment a series of proposed changes to rules that address the fiduciary duties of federal credit union directors, credit union-to-bank mergers, and charter and insurance conversions. Comment on the proposed rule changes, which would require federal credit union directors to "carry out their duties in good faith, and have, or gain, an understanding of basic finance and accounting practices," must be received by May 28. The NCUA proposal, which was approved by the Board at its March 18 open meeting, would also prohibit federal credit unions from "indemnifying its officials or employees for liability associated with misconduct that is grossly negligent, reckless, or willful in connection with a decision that affects the fundamental rights of members." The NCUA proposal also covers changes to its current standards governing "the information that credit unions seeking to convert must disclose to members," including the approval of conversion proposals, the certification of member votes on conversion proposals, and guidelines on how those votes must be completed. The Credit Union National Association's (CUNA) Mergers Task Force, chaired by Paul Mercer, will be reviewing the proposal for CUNA. For the full release, as published in the Federal Register, use the resource link.
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