The National Credit Union Administration has issued a notice of proposed rulemaking under its Deregulation Project to clarify guidance and remove burdensome, duplicative requirements for insured credit union mergers into banks. The proposal would relax disclosure and publication requirements, streamline due diligence reporting, and eliminate prescriptive formatting, plain-language factors, and voting guidelines from merger communications.
The National Credit Union Administration has launched the tenth round of proposed changes under its Deregulation Project, publishing a notice of proposed rulemaking that seeks to clarify guidance and remove unduly burdensome and duplicative requirements tied to bank conversions and mergers. The proposal focuses on the rules governing mergers of insured credit unions into banks.
The package would remove the definition of “clear and conspicuous” to give credit unions more flexibility in designing member disclosures, revise the newspaper publication requirement for pre-board-vote notices to move away from an outdated and potentially costly approach, and streamline due diligence reporting to focus on the substantive outcome of board decision-making. It also proposes removing prescriptive formatting requirements and “plain language determining factors” from merger communications, and deleting “voting guidelines” from regulation to avoid confusing guidance with requirements.
Comments are requested via the Federal Rulemaking Portal using the relevant docket numbers.
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