ALEXANDRIA, Va. — Contrary to recent published reports, NCUA said it has not issued a prepared proposal regarding "hostile" takeovers within the credit union industry.

"There is no prepared proposal," NCUA spokeswoman Cherie Umbel said when asked if the agency had issued a specific proposal. "We always welcome public input. Everyone should be free to tell us what they think", but right now, there has not been a formal request for feedback on hostile takeovers even though several leagues, CUNA and NAFCU have initiated commentary in the past.

Umbel said the agency's current position ties into a speech given by NCUA Chairman JoAnn Johnson at this year's CUNA Governmental Affairs Conference on whether and to what extent NCUA should enforce FCU bylaws. Indeed, at its May 24 board meeting, the board issued a proposal to once again incorporate the FCU bylaws into NCUA regulations. Incorporating the bylaws into regulation ?701.2 by reference clarifies NCUA's ability to use its administrative authority, when appropriate, to enforce FCU bylaw compliance, the board said. The proposal would also add a new bylaw on director succession, revise the introduction to reflect the bylaws' status as a regulation, and include a streamlined process for adopting bylaw amendments previously approved by another FCU.