Proposed new regulations on mergers and mutual bank conversions encroach on state autonomy, place burdensome regulations on credit unions and wouldn't necessarily protect the interests of credit union members.
Those are among the arguments made in letters to the NCUA by CUNA, NAFCU, NASCUS and American Share Insurance.
The NCUA's proposed rules say that board members of federal credit unions could only get limited exemption from being sued for some of their actions, FCUs seeking to convert to banks would have to get an independent evaluation and board members and employees couldn't assist members in filling out ballots during conversion votes.
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