National Credit Union Administration January 28, 2005 – Federal Register Recent Federal Regulation Documents

NCUA is updating its rule regarding conversion of insured credit unions to mutual savings banks (MSBs). The amendments require a converting credit union to provide its members with additional disclosures about the conversion before conducting a member vote. The amendments also require the vote to be by secret ballot and conducted by an independent entity. Finally, the amendments require a federally- insured State credit union to provide NCUA with conversion related information about the law of the State where the credit union is chartered.