Mergers of Federally-Insured Credit Unions; Voluntary Termination or Conversion of Insured Status

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The NCUA Board propose to amend the disclosure forms in NCUA's regulations relating to mergers and voluntary termination or conversion of insured status in mergers of federally-insured credit unions. The amendments inform the members that, if their credit union converts to nonfederal insurance, the private insurance fund insuring their accounts is not backed by the full faith and credit of the United States government. It also informs the members that, if their credit union terminates insurance, their shares, excluding those covered for one year, are no longer insured by the federal government or any other entity.