Community CU Will Have to File Disclosures Under NCUA's New Regulation

ALEXANDRIA, Va. – The details that $1.4 billion Community Credit Union will disclose to its members about the pending change to a mutual bank charter will be offered according to NCUA’s newest charter change regulation rather than the old one, according to the agency. There was a question as to which regulation would apply since Community filed its charter change conversion documents with NCUA prior to the final version of the new regulation being approved. The latest NCUA charter change regulation includes a statement ringed with a black border which spells out information about the merger in plain language. The previous regulation lacked the additional disclosure statements. While stressing that he does not serve as a spokesman for the credit union, Alan Theriault, a consultant with CU Financial Services who is advising Community on its conversion effort, said he was not surprised at NCUA’s move. “In a lot of these situations NCUA makes its own rules,” Theriault said, after noting that other federal agencies would have permitted the credit union to have used the previous regulation.