To our clients and friends:
The SEC recently adopted a final rule to expand disclosure requirements related to an issuer’s repurchase of its equity securities, also known “buybacks.” On October 1, 2023, issuers must start tracking new details about all share repurchases. Our Alert regarding the new requirements is available here.
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Recently, the NCUA finalized an amendment to its current rules on subordinated debt. The amendment makes two material changes to the current rule. First, there is no longer a maximum maturity for subordinated notes, provided certain requirements are satisfied. In addition, the regulatory capital treatment of grandfathered secondary capital was extended from 20 years to the later of 30 years from the date of issuance or January 1, 2052. Please see our Alert for more details.
Credit unions should strongly consider getting NCUA preapproval to issue subordinated debt for liquidity and capital planning purposes even if they have no immediate plans to issue subordinated debt. The current rules provide eligible credit unions with a two-year window to issue subordinated debt without any further approvals from the NCUA. Further information about subordinated debt can be found here: White Paper - NCUA Subordinated Debt Final Rule.
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In light of the recent large bank failures, our Alert regarding items that credit unions should consider is available here.
To diversify sources of liquidity, eligible credit unions should consider getting NCUA preapproval to issue subordinated debt, which is discussed in our Alert.
To our clients and friends:
In light of the recent large bank failures, our Alert regarding items that financial institutions should consider is available here.
Read More...Luse Gorman, PC is pleased to announce that in 2022 we were the No. 1 legal advisor in the nation, based on number of transactions, for common stock and subordinated debt 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 and debt offerings, including firm commitment and best-efforts public offerings, private placements, as well as IPO common equity offerings.
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