ALEXANDRIA, Va. – The NCUA Board is expected to vote to amend the agency’s rules yet again on conversions to mutual savings banks by opening up the process to more member input. The final rule will require credit unions to notify members and allow for special meetings on proposed conversion before the charter switch is voted by the board, and to give members greater access to records and board memoranda used by management and the board in preparing a conversion. This will be the third time NCUA has amended its rules on conversions to banks over the past three years. The Board is also expected to approve a new investment for credit unions, short-term repurchase notes collateralized by first mortgages.
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