Considering a Credit Union Merger in California? The California DBO has Changed the Rules (Again)!
As part of the continued restructuring process of mergers, the Department of Business Oversight is now changing processes to be in line with the banking side.
- Process: All applications will go to the legal department for review and comment
- Legal: We have seen a complete review (overhaul?) of the process, procedure and forms
- Forms: Each form, even if previously submitted, will likely result in changes
- Technical issues: Three (3) original Certificates of Merger are now required as well as a new filing step with the DBO after the member vote (but before filing with the California Secretary of State).