Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
FTC tweaks merger rules
WASHINGTON (5/7/10)--The Federal Trade Commission has granted waivers from the standard merger waiting period for several financial institution mergers and acquisitions, including a credit union merger between Detroit Edison CU and NuUnion CU. Credit unions are among the financial institutions that are covered by the FTC's pre-merger filing requirement under the Hart-Scott-Rodino Act Antitrust Act of 1976. The Hart-Scott-Rodino Act's pre-merger notification provisions require “persons contemplating certain mergers or acquisitions” to provide the FTC and the Assistant Attorney General of the United States with “advance notice” of the plans and “wait designated periods before consummation” of those plans. Portions of the act allow the FTC to “terminate this waiting period prior to its expiration” in certain cases. Credit unions may recall that the FTC, in 2007, increased its Hart-Scott-Rodino Act pre-merger filing fees for businesses, including credit unions. However, that fee applies to relatively few credit union mergers in practice because businesses below certain asset thresholds are exempted from the pre-merger filing requirement and many types of credit union assets do not count towards this threshold. Larger credit unions, however, are required to file the pre-merger notice with FTC and pay the filing fee. For the full FTC release, use the resource link.
Other Resources

RSS





print
News Now LiveWire
Sony hack linked to N. Korea, says U.S.intelligence via @nytimes http://t.co/fE3PtMgEFz
11 hours ago
.@CUNAMutualGroup Klewin shares final thoughts, forecast on lending regulations with @cumagazine before retiring http://t.co/v78QY3QwqB
14 hours ago
Current @CUNA COO @JillTomalin promoted to deputy chief of staff
15 hours ago
#CU Effect:@ChartwayFCU 'branch of the future' 2 benefit members, staff. 2nd installment of new News Now series here:http://t.co/ImBY4nupEj
16 hours ago
U.K. regulators have given formal authorization for the @c_of_e to form a #creditunion.
16 hours ago