ARTICLE – Dear Credit Unions: Careful Planning is Essential to Successfully Executing a Merger with Another Credit Union

April 18, 2024

To our clients and friends:

Jeff Cardone, Partner at Luse Gorman, recently authored an article for CEO Advisory Group titled “Dear Credit Unions: In this Challenging Environment, Careful Planning is Essential to Successfully Executing a Merger with Another Credit Union.” The article discusses keys to a successful credit union merger, including being united on key cultural and operational matters, having a thorough letter of intent and comprehensive merger agreement, and adequately planning for the regulatory approval process and member vote.

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Alert – The Bankers’ Bulletin Vol. 4

April 8, 2024

To our clients and friends:

Today we published Volume 4 of The Bankers’ Bulletin. You can find a copy of this edition here.

This volume covers recent lawsuits at the federal and state level related to the Corporate Transparency Act and interest rate caps, the FDIC’s proposed revisions to its bank merger policy, federal and state regulations and guidance on overdraft and late fees, and other developments regarding bank regulator supervision and application processes.

If you have any questions related to any of the items covered in the Bulletin, please reach out to Brendan Clegg (bclegg@luselaw.com), Marc Levy (mlevy@luselaw.com), Agata Troy (atroy@luselaw.com), or your regular Firm contact. To learn more about our firm and services, please visit our website.

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Alert – The Bankers’ Bulletin Vol. 3

March 4, 2024

To our clients and friends:

Today we published Volume 3 of The Bankers’ Bulletin. You can find a copy of this edition here.

This volume covers a recent OCC action related to third-party risk management deficiencies, revisions to the CFPB’s supervisory appeals process, DoJ comments on redlining as a factor in its merger reviews, Vice Chair Barr’s statements regarding recent Fed enforcement and supervisory efforts, and other recent developments regarding merger review legislation and bank chartering.

If you have any questions related to any of the items covered in the Bulletin, please reach out to Brendan Clegg (bclegg@luselaw.com), Marc Levy (mlevy@luselaw.com), Agata Troy (atroy@luselaw.com), or your regular Firm contact. To learn more about our firm and services, please visit our website.

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Alert – New Disclosure Rules and Timing Considerations for Grants of Stock Option and Similar Awards

February 27, 2024

To our clients and friends:

Item 402(x) of Regulation S-K, promulgated as part of the SEC’s final rule on insider trading arrangements, is effective today. Item 402(x) will require additional narrative disclosure of internal policies and practices governing the timing of stock option grants, as well additional tabular disclosure if stock option grants are made in proximity to the release of material nonpublic information.

Our Alert regarding the requirements and certain changes issuers should consider is available here.

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Alert – OCC Bank Merger Policy

February 9, 2024

To our clients and friends:

On January 29, the OCC proposed a rule to amend its procedures for evaluating bank mergers and to incorporate a policy statement summarizing the principles the agency will use when it reviews proposed bank mergers going forward. Out Client Alert describes the most relevant procedural changes and significant aspects of the new policy statement, and includes key takeaways that will be important for banks considering future merger and acquisition activity. Our Alert regarding the OCC’s proposed changes to its bank merger review process is available here.

Luse Gorman has acted as counsel on more than 100 bank M&A transactions during the past five years and more bank M&A transactions than any other law firm in the nation over the past 20 years. Luse Gorman regularly works with federal and state banking agencies to seek regulatory approval for business transactions, including mergers and acquisitions, and routinely handles complex and novel legal questions on behalf of its clients as they arise. To learn more about our firm and services, please visit our website.

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