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Office of the Comptroller of the Currency seal Source: Shutterstock.

The American Bankers Association has asked the Office of the Comptroller of the Currency to reject any proposed merger of a federal savings association with a credit union, saying the agency may not have the power to approve such a deal.

“ABA notes, first, that Congress has authorized the OCC to adopt regulations for mergers of Federal savings associations with other ‘savings associations,’” ABA President/CEO Rob Nichols wrote in a letter this week to Blake Paulson, acting comptroller of the currency. “As a threshold matter, it is therefore unclear that OCC has the power to provide a mechanism for acquisition of assets or liabilities of a Federal savings association by an entity such as a credit union.”

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David Baumann

 

Credit Union Times

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