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CU Maintains That NCUA Conversion Regs May Not Apply

The Massachusetts credit union which seeks to merge with a state chartered mutual bank is consulting with NCUA over whether the agency's charter conversion regulations will necessarily apply to their situation.

By David Morrison | Updated on July 27, 2007

HAVERHILL, Mass. — The Massachusetts credit union which seeks to merge with a state chartered mutual bank is consulting with NCUA over whether the agency’s charter conversion regulations will necessarily apply to their situation.

Massachusetts has a law on the books for some time that allows state chartered credit unions to merge with state chartered mutual banks and has procedures for doing so, but the CU and the lawyer that is handling the merger said the institution will ask NCUA about which procedures it should follow.

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