Communication is Key: NCUA implements voluntary merger amendment
Hello, Compliance Friends! We are wrapping up another awesome Regulatory Compliance School here in San Antonio. A special congrats to our new cohort of NCCOs!
Recently, NCUA released a letter to federally insured credit unions (18-CU-03) explaining the various key provisions of the recently amended voluntary merger rule. To refresh your memory, in June 2018, NCUA published a final rule amending Parts 701 and 708b of its regulations governing voluntary mergers to provide greater transparency to credit union members and ease compliance for merging credit unions.
The recent letter to federally insured credit unions (18-CU-03) primarily focuses on the online portal for members of the merging credit union to communicate. To facilitate this amendment, NCUA’s Office of Credit Union Resources and Expansion (CURE) has established a member-to-member (MTM) process. Today’s post will provide highlights from NCUA’s recent letter.
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