Iowa Admin. Code r. 781-14.9

Current through Register Vol. 47, No. 11, December 11, 2024

Rule 781-14.9 - Sale or merger of a credit union

The responsibility of a credit union to secure public deposits by a letter of credit shall not be altered by any merger, takeover or acquisition, except to the extent that such duty is assumed by the successor entity. A credit union shall immediately notify the public unit, in writing, of its merger, takeover or acquisition by a successor entity.