NATIONAL CREDIT UNION ADMINISTRATION ISSUES PROPOSED RULE: CONVERSION TO STATE-CHARTERED CREDIT UNION

WASHINGTON, Oct. 21 -- National Credit Union Administration has issued a proposed rule called: Conversion to State-Chartered Credit Union.

The proposed rule was published in the Federal Register on Oct. 21 by Melane Conyers-Ausbrooks, Secretary of the Board.

Summary: The NCUA Board (Board) solicits public comment on a proposal to remove a regulatory provision regarding the process for maintaining federal share insurance following the conversion of a federal credit union (FCU) to a state charter. The provision is unnecessarily duplicative of a similar provision contained in NCUA's Chartering and Field of Membership Manual (Manual), and is outdated, having been superseded by amendments to the Manual.

For more information, contact Ariel Per...