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NCUA Takes Careful Approach with Lafayette Over Conversion Disclosure Packet

ALEXANDRIA, Va. - The process through which two credit unions seek to stop being CUs continued to grind on last week as the NCUA's letter to the $331 million Lafayette FCU came to light and the NCUA Board approved the procedures that the $587 million Nationwide FCU will need to...

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ALEXANDRIA, Va. – The process through which two credit unions seek to stop being CUs continued to grind on last week as the NCUA’s letter to the $331 million Lafayette FCU came to light and the NCUA Board approved the procedures that the $587 million Nationwide FCU will need to use to merge with Nationwide Bank.

Lafayette applied to convert its charter to that of a mutual bank in mid-June of this year. Nationwide announced it was planning to merge with Nationwide Bank, a bank wholly owned by the CU’s parent company, Nationwide Insurance, in late June.

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