Written by Carrie Hunt, NAFCU's General Counsel and VP of Regulatory Affairs
On Wednesday, NCUA issued Legal Opinion Letter 12-1007, indicating that credit unions can change charters if they want to effectuate a voluntary merger. You may notice that the letter is not addressed to one person, but is in response to a number of inquiries. I think a lot of those inquires must have been mine. And when I make an inquiry- a good 98.564377654% of the time - it is on behalf of NAFCU members. For years I have heard from our members who had difficulty getting a charter change approved if the purpose of the change was to merge with another healthy credit union. This issue has been one that I have been working on in some capacity for the entire eight years I have been at NAFCU. From my perspective, the purpose of the charter change is irrelevant if it is a permissible charter. Now it appears that NCUA agrees.
I am thrilled that our members who want to take advantage of this will be able to. I am thrilled that NCUA’s General Counsel Mike McKenna has issued his letter. I am thrilled that NCUA Chairman Debbie Matz sees the value in working on these types of matters and providing relief to credit unions. And finally, I am thrilled that I have now freed up a slice of time to move on to the next issue! Because there always is a next issue - and that is the way I like it! Keep ‘em coming NAFCU members and I will keep trying to fix them. I just hope it doesn’t always take eight years!
Editor's Note by Steve Van Beek:
Congratulations Carrie! The Credit Union Times has been running a Women to Watch feature where they recognize outstanding leaders in the credit union industry. The CU Times recently opened it up to women working on behalf of credit unions - including NAFCU's very own Carrie Hunt, General Counsel and Vice President of Regulatory Affairs.
Congratulations Carrie - very well deserved!
We'll be back blogging on Tuesday - have a great holiday weekend!