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NCUA offers merger registry guidance
ALEXANDRIA, Va. (11/4/10)—As promised at its October open board meeting, the National Credit Union Administration (NCUA) has sent a Letter to Credit Union (No. 10-CU-22) describing the new national merger-partner register and what it hopes to achieve. “ If your credit union is interested in expanding your field of membership by merging with another credit union, you can now let your regulators know by signing up for NCUA’s new Merger Partner Registry,” says the letter signed by Chairman Debbie Matz. The communication describes the process of how to sign on to the registry and carries a boldface warning that signing up does not guarantee that a credit union will be selected as a merger partner. The NCUA says it has two goals the registry:
* To establish a wider pool of interested credit unions to consider assisted merger and P&A opportunities; and, * To improve transparency by shedding more light on NCUA’s process of selecting partners.
The letter instructs credit unions to contact their regional NCUA office with any questions about the registry. At the Oct. 21 meeting, agency staff gave a presentation regarding NCUA's recently launched Merger Partner Registry, part of the NCUA's Credit Union Online system, which credit unions already use to submit 5300 Call Reports. Use the resource link to access the NCUA letter.
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