HONOLULU -
* Bylaws issues-Fenner said he does not see any reason NCUA would object to a credit union bylaw - a so-called poison pill - that would require the credit union to pay out its net worth to members prior to converting to a mutual savings bank.
* Transparency issues-Fenner acknowledged widespread opposition to a proposal requiring credit unions to disclose golden parachutes and other compensation paid to managers after they agree to merge their credit union, but emphasized the NCUA proposal would not ban the practice, merely require disclosure. He said he knew of numerous cases where a credit union was fielding several mergers offers and went with the one that paid the managers the best pay packages (see related story page 1).
