Allows domestic credit unions to convert to mutual savings banks or associations with certain conditions.

This bill amends the process for domestic credit unions to convert into mutual savings banks or associations. It requires the credit union board to notify members of the conversion consideration and provide detailed information about the conversion plan. The plan must disclose the advantages and disadvantages of the conversion, ensure it does not circumvent regulatory actions, and allow for amendments based on regulatory feedback. Members must vote on the conversion plan, and the credit union must file records and member comments with the commissioner.

Allows domestic credit unions to convert to mutual savings banks or associations with certain conditions.

This bill amends the process for domestic credit unions to convert into mutual savings banks or associations. It requires the credit union board to notify members of the conversion consideration and provide detailed information about the conversion plan. The plan must disclose the advantages and disadvantages of the conversion, ensure it does not circumvent regulatory actions, and allow for amendments based on regulatory feedback. Members must vote on the conversion plan, and the credit union must file records and member comments with the commissioner.