Voluntary liquidation rule update proposed
Feb. 21, 2014 – NCUA is taking comments for 60 days on a proposal that would update the agency’s regulations on voluntary liquidation, which has occurred about twice a year over the past five years.
The proposal, which NCUA says is aimed at reducing regulatory burden, would:
- allow liquidating federal credit unions to publish required creditor notices in electronic media or newspapers of general interest;
- increase the asset-size threshold triggering a requirement for multiple-creditor notices; and
- revise rules governing distributions to members.
The comment period will run for 60 days following its publication in the Federal Register. NAFCU will prepare a Regulatory Alert seeking members’ input.