ALEXANDRIA, Va. — CUNA and NASCUS are looking at the state charter implications of the proposed rule issued for comment this month by NCUA that establishes parameters for disclosing executive compensation increases in merger deals.
"We already had been looking at what states have required but we don't have any answers yet," CUNA Deputy General Counsel and Senior Vice President of Regulatory Advocacy Mary Dunn said. Additionally, she said CUNA and its relevant committees would be studying the requirements of other nonprofit organizations as well.
The important thing she said of this proposal–and NCUA's proposed regulation on member access to books and records–is to "make sure the process for access to books and records works well." The ability of members to access relevant information needs to be balanced with potential opportunities by those members to manipulate the system.
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"We hadn't pushed NCUA to look at it but now that it's on the table we're going to roll up our sleeves and really look at it," Dunn said.
NASCUS said that it is too early to comment at this point and that it is reviewing and studying the proposal and plans to solicit comments from its members. "NASCUS will submit a comment letter to NCUA at the appropriate time," a spokesperson said.
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