Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
NCUA to CUNA Expect merger registry in Oct.
WASHINGTON (9/9/10)—The National Credit Union Administration (NCUA) said credit unions can expect a national merger registry “to be live by October.” The registry, an idea initally recommended by the Credit Union National Association. would provide the names of potential credit union merger partners. The registry is just one innovation sought by the Credit Union National Association (CUNA) regarding the regulators’ approach to voluntary mergers. The trade group has also urged the agency to address due diligence and loss-sharing incentives as it further refines its approach to the merger process. CUNA, in an August letter to all three NCUA board members, said that the agency also should provide credit unions with greater information on how it works with assorted state regulators in the event that a dual-chartered credit union is involved in a merger. CUNA also recommended that NCUA provide greater detail on its criteria for selecting which credit unions on the merger partner registry should serve as acquirers. Responding to the CUNA letter, NCUA Chairman Debbie Matz wrote that the NCUA will continue to evaluate the merger process and consider improvements. “I do not anticipate a change in the required due diligence a continuing credit union must exercise to ensure the acquired credit union is appropriate for their operation,” the head of the agency wrote. She also noted that the NCUA continues to work closely with state supervisory authorities to obtain names of potential merger candidates when an assisted merger resolution is being sought. The late-summer CUNA letter also broached to the agency many credit unions’ concern that the NCUA is increasingly using documents of resolution, letters of understanding and agreement, and cease and desist orders in its supervisory activities. CUNA asked the NCUA to further examine some of its own supervisory practices. Matz said that NCUA administrative actions are intended to minimize credit union losses. “And if credit union losses are lower,” she added in her response, “credit union assessments will be lower.” Matz also thanked CUNA for its comments on the issues and asked to be kept apprised of CUNA’s thoughts “on these and other issues of mutual interest.”


RSS





print
News Now LiveWire
Matz: Revised @TheNCUA #RBC rule for #creditunions 2 B unveiled 1/15/15, 90-day comment period to follow #newsnow http://t.co/qABhvghSTU
1 Day ago
Just announced: @TheNCUA board will consider a revised risk-based capital rule at its Jan 15 mtg. See #NewsNow Monday for more info.
1 Day ago
Nearing one-yr anniversary of data breach, @Target asks for class action suits to be dismissed via @BloombergNews http://t.co/kra6kupd35
1 Day ago
.@PeoplesTrustFCU has been recognized with the Juntos Avanzamos designation by @Cornerstone_CUL for its service to the Hispanic community
1 Day ago
#NewsNow: Rep. Hensarling names #HFSC subcommittee chairs. http://t.co/dXAMZdpn1p
1 Day ago