Iowa Administrative Code
Agency 781 - Treasurer of State
Chapter 14 - Deposit and Security of Public Funds in Credit Unions
Rule 781-14.9 - Sale or Merger of a Credit Union

Universal Citation: IA Admin Code 781-14.9
Current through Register Vol. 47, No. 13, December 25, 2024

The responsibility of a credit union to secure public deposits by a letter of credit shall not be altered by any merger, takeover or acquisition, except to the extent that such duty is assumed by the successor entity. A credit union shall immediately notify the public unit, in writing, of its merger, takeover or acquisition by a successor entity.

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