PLYMOUTH, Mich. — The Michigan Credit Union League joins several other state leagues in adopting a resolution that aims to protects credit unions from "hostile takeovers."
The resolution, similar to ones recently adopted by the Minnesota Credit Union Network and the Association of Vermont Credit Unions, calls on NCUA to adopt regulatory and model bylaw provisions that would provide "sufficient guidance and protections for credit unions that are the subjects of unwelcome takeover attempts." The MCUL has asked that NCUA not approve any merger applications that have resulted from a hostile takeover until the agency has implemented such provisions.
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