SACRAMENTO, Calif. – The state Department of Financial Institutions said yesterday it has approved state chartered credit unions to own and to hold shares of Visa Inc. they are about to receive as part of the card giant’s reorganization and initial public offering.
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In a legal opinion issued to several credit unions, the DFI said the approval applies only to the stock the credit unions are due to receive in the IPO. If any credit union wants to buy Visa shares on the open market it must apply to the DFI to do so.
Regulators in several other states, including Texas, Washington and Michigan, as well as NCUA, have also approved the ownership of Visa shares.
