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After the hearing on H.R. 3206 in May, all of us watching mutual charter conversions waited to see how NCUA would react. Based on the proposed regulations, it is apparent NCUA didn’t get the message. It continues to thumb its nose at Congress and the courts.

H.R. 1151 authorized NCUA to promulgate rules for conversion voting that were to be “no more or less restrictive than those rules that apply to charter conversions by other financial institutions.” Congress wanted ministerial rules, at most.

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