WASHINGTON — Federal regulation of the merger activities of state-chartered credit unions would be an "overly broad," application of NCUA's regulatory authority, said the National Association of State Credit Union Supervisors.
"There is no apparent basis for the NCUA approach, which obliterates nearly a century of state originated financial institution law and two centuries of law deferring to the states on such important matters of corporate governance,"in a letter signed by officials from 28 states.
These matters are "better left to state law and regulation for case-by-case determination," they added.
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