FOR IMMEDIATE RELEASE
May 25, 2017

NASCUS PRESIDENT AND CEO LUCY ITO
ON NCUA PROPOSAL CONCERNING MERGERS, INPUT FROM STATES

States may view this as a CU governance issue, business decision; not insurance matter

NASCUS President and CEO Lucy Ito issued the following statement following today’s meeting of the NCUA Board. The Board issued a proposed rule for a 60-day comment period that would amend the procedures and timeframes that federal credit unions (FCUs) must follow for voluntary mergers with another credit union. During discussion, the board expressed interest in expanding the scope of the rule to include federally insured, state chartered credit unions (FISCUs).

“While some state supervisors may share NCUA's concerns over transparency and member interests, states may also view this as a credit union governance issue and business decision as opposed to an insurance matter. Under this view, application of merger rules should properly be left to state supervisors to decide as the chartering agency of state-chartered credit unions. This view, among others, will be reflected in our comments.”

Information Contact:
Patrick Keefe, Vice President, Communications, pkeefe@nascus.org or (703) 528-5974

The National Association of State Credit Union Supervisors (NASCUS) is the primary resource and voice of the state governmental agencies that charter, regulate and examine the nation’s state-chartered credit unions. NASCUS membership is made up of state-chartered credit unions, state regulators and other supporters of the state credit union system. NASCUS is the only organization dedicated to the defense and promotion of the state credit union charter and the autonomy of state credit union regulatory agencies.