NCUA finalizes merger rule, gives EMS update

The NCUA board finalized its final voluntary merger rule and heard briefings on member business lending and its Enterprise Solution Modernization (ESM) program Thursday, in addition to finalizing a CUNA-backed final rule on field-of-membership.

The board was briefed by staff about its change to the member business lending rule made as a result of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) being signed into law. The board approved the change by notation vote May 30 to exclude loans made on one-to-four-unit, non-resident occupied dwellings from the member business lending cap.

The change became effective June 5.

NCUA’s voluntary merger final rule is designed to help members of federally insured credit unions seeking a voluntary merger become better informed about the merger.

It will:

• Increase the minimum required time for notice to members before a merger vote to 45 days;

 

continue reading »