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The regulator said it reviewed the original offer by Wings to pay members of Continental $200 in cash if it merges with Wings, and informed the Minneapolis institution that such an offer is impermissible under the provisions of the Federal Credit Union Act. Federal agency that oversees and insures the federal credit union system, and is funded by its members. In a statement released today, the NCUA commented, "NCUA has reviewed the offer by Wings Federal Credit Union to pay members of Continental Federal Credit Union $200 apiece if Continental merges with Wings, and has informed Wings that the payment is impermissible under the provisions of the Federal Credit Union Act. |
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