2017-15685: Emergency Mergers-Chartering and Field of Membership
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The NCUA Board (Board) proposes to amend in its Chartering and Field of Membership Manual the definition of the term "in danger of insolvency" for emergency merger purposes. The current definition requires a credit union to fall into at least one of three net worth categories over a period of time to be "in danger of insolvency." For two of the three categories, the Board proposes to lengthen by six months the forecast horizons, the time period in which NCUA projects a credit union's net worth will decline to the point that it falls into one of the categories. This will extend the time period in which a credit union's net worth is projected to either render it insolvent or drop below two percent from 24 to 30 months and from 12 to 18 months, respectively. Additionally, the Board proposes to add a fourth category to the three existing net worth categories to include credit unions that have been granted or received assistance under section 208 of the Federal Credit Union Act (FCU Act) in the 15 months prior to the Region's determination that the credit union is in danger of insolvency.
The agency’s own summary, as published.
What this changes
Amends 1 part of the Code of Federal Regulations — the standing rules this notice rewrites.
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