ALERT – NCUA Supervisory Priorities

January 31, 2024

To our clients and friends:

On January 22, the National Credit Union Administration issued a letter to credit union boards of directors and CEOs outlining its annual supervisory priorities and highlighting the areas it views as posing the highest risk to the credit union industry in 2024. Our Client Alert covers each of the identified priorities, discusses where the supervisory focus will be within each area this year, and identifies some ways for boards and management to get ahead before the next exam. Our Alert regarding the NCUA’s supervisory priorities is available here.

Luse Gorman routinely advises credit unions on compliance issues and regulatory questions, and counsels those institutions on the impacts of new developments at the federal and state level. To learn more about our firm and services, please visit our website.

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Luse Gorman is Legal Counsel to Mid-Southern Bancorp, Inc. in its Proposed Acquisition by Beacon Credit Union

January 30, 2024

On January 25, 2024, Mid-Southern Bancorp, Inc. and its wholly-owned subsidiary, Mid-Southern Savings Bank, FSB, announced the signing of a definitive purchase and assumption agreement with Beacon Credit Union, pursuant to which Beacon Credit Union will acquire the assets and assume the liabilities of Mid-Southern Savings Bank, FSB in an all cash transaction.

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Alert – Volume 1 of The Bankers’ Bulletin

January 18, 2024

To our clients and friends:

Today we published Volume 1 of The Bankers’ Bulletin.  You can find a copy of this volume of The Bankers’ Bulletin here.

This new publication from Luse Gorman covers regulatory and enforcement insights from our team related to recent developments in the banking industry, and provides our perspective on how those developments may impact your compliance obligations and your operations.  The Bulletin will cover legislation, regulations, guidance, enforcement actions, court opinions, agency testimony, and other items of interest for national and state-chartered banks and thrifts.  We plan to circulate it by email on the first Monday of every month.

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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Luse Gorman is Top Legal Advisor in 2023 for Equity Offerings

January 17, 2024

Luse Gorman, PC is pleased to announce that in 2023 we were ranked the No. 1 legal advisor in the nation, based on number of transactions, for common stock offerings by financial institutions, as reported by S&P Global Market Intelligence. We served as issuer’s counsel in connection with a range of equity offerings, including best-efforts public offerings and private placements.

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Luse Gorman Again Receives Top Ranking for Mutual-to-Stock Conversions and Mutual Holding Company Reorganizations

January 16, 2024

We are pleased to announce that Luse Gorman, PC was again the No. 1 legal counsel in the nation in 2023 for mutual-to-stock conversions and mutual holding company transactions, as reported by S&P Global Market Intelligence. In 2023, Luse Gorman was the legal advisor on all standard mutual-to-stock conversions and all but one second-step conversions. Additionally, Luse Gorman has been the No. 1 ranked law firm for mutual-to-stock conversions and mutual holding company stock offerings each year for the past 20 years.

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