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Conversion to State-Chartered Credit Union
Plain English Summary
The NCUA Board is asking for public feedback on a proposal to eliminate a rule that outlines how federal credit unions can keep their federal insurance after changing to a state charter. This rule is seen as unnecessary because it repeats information already found in another official document and is outdated due to recent updates to that document. Insurance agents should stay informed about this proposal and provide any comments they may have.
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The NCUA Board (Board) solicits public comment on a proposal to remove a regulatory provision regarding the process for maintaining federal share insurance following the conversion of a federal credit union (FCU) to a state charter. The provision is unnecessarily duplicative of a similar provision contained in NCUA's Chartering and Field of Membership Manual (Manual), and is outdated, having been superseded by amendments to the Manual.