WASHINGTON - The National Credit Union Administration is working on a new proposal regulating mergers.

The plan, which should be finished by the end of the year and may take the form of a policy statement or a new regulation, is expected to address how to mesh the fields of membership of merging credit unions, NCUA general counsel Robert M. Fenner said.

It also will spell out the factors the agency will consider in approving mergers, Mr. Fenner said.

In recent months, NCUA officials have said that mergers must look after the best interests of members, not of the credit union's management. The new policy would address this issue.

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