On June 28, 2006, NCUA published a proposed rule to amend its rules and regulations regarding the conversion of insured credit unions to mutual savings banks or mutual savings associations. The revisions are intended to improve the information available to members and the board of directors. The proposed rule provides for revised disclosures, revised voting procedures, procedures to facilitate communications among members, and procedures for members to provide their comments to directors before the credit union board votes on a conversion plan.
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