ALEXANDRIA, Va. – The process through which two credit unions seek to stop being CUs continued to grind on last week as the NCUA's letter to the $331 million Lafayette FCU came to light and the NCUA Board approved the procedures that the $587 million Nationwide FCU will need to use to merge with Nationwide Bank.
Lafayette applied to convert its charter to that of a mutual bank in mid-June of this year. Nationwide announced it was planning to merge with Nationwide Bank, a bank wholly owned by the CU's parent company, Nationwide Insurance, in late June.
NCUA's July 12 letter was the agency's first step in what can be a complicated and lengthy regulatory process through which a converting CU must convince the agency that its proposed disclosure documents and ballot about the proposed conversion are sufficiently clear and easy to understand.
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