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NCUA Says FCUs Can Hold Onto Visa Stock After Conversion

On Nov. 1, NCUA issued a legal opinion stating that federal credit unions can hold onto their Visa stock after the conversion of Visa USA to a subsidiary of Visa Inc.

By Sarah Snell Cooke | Updated on November 13, 2007

ALEXANDRIA, Va. — On Nov. 1, NCUA issued a legal opinion stating that federal credit unions can hold onto their Visa stock after the conversion of Visa USA to a subsidiary of Visa Inc.

Visa USA, which is an association including credit unions, will be converted to a subsidiary of Visa Inc., at which time members will be issued stock. Visa stated in its prospectus “we expect that federal or state-chartered credit unions may be required to seek the advice of their relevant federal and state regulators in connection with the receipt and holding of our common stock.”

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