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12 CFR 701 - ORGANIZATION AND OPERATION OF FEDERAL CREDIT UNIONS

[ Date: Tuesday, December 28, 2010 ]

1 ENTRIES [ 1 RULES ]



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Type: RULE
FR Reference: 75 FR 81378 [Volume: 75, Number: 248 (pages 81378 to 81395)]
Date: 12-28-2010
Agency: NATIONAL CREDIT UNION ADMINISTRATION (National Credit Union Administration (NCUA).)
Subject: Fiduciary Duties at Federal Credit Unions; Mergers and Conversions of Insured Credit Unions

CFR References: 12 CFR 701, 12 CFR 708A, 12 CFR 708B

Action: Final rule.

Summary: NCUA is issuing final amendments to its regulations covering several related subjects. The final rule documents and clarifies the fiduciary duties and responsibilities of Federal credit union (FCU) directors. The final rule amends NCUA's indemnification regulation limiting indemnification of FCU officials and employees for liability arising from improper decisions that affect the fundamental rights of credit union members, and makes conforming changes to the standard FCU and corporate credit union bylaws. In addition, the final rule adds new provisions establishing the procedures for insured credit unions merging into banks. The final rule also amends some of NCUA's existing regulatory procedures applicable to insured credit union mergers with other credit unions, conversions to mutual savings banks (MSBs), and termination of share insurance.

View Details ยป 75 FR 81378


 
 
 
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