2411007 Informal Interpretation

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Sheinberg, Samuel I.
From: 	HSRHelp
Sent: 	Tuesday, November 5, 2024 11:59 AM
To: 	Walsh, Kathryn E.; Berg, Karen E.; Shaffer, Kristin; Sheinberg, Samuel I.; Six, Anne;
Whitehead, Nora; Fetterman, Michelle; Burton, June; Larson, Peter
Subject: 	FW: Request for Interpretation
From: Musick, Vesselina <vmusick@ftc.gov>
Sent: Tuesday, November 5, 2024 11:59:02 AM (UTC-05:00) Eastern Time (US & Canada)
To:
Cc: HSRHelp <HSRHelp@ftc.gov>
Subject: RE: Request for Interpretation
Confirming that you may exclude Loans/Lines of Credit (1st) and Loans/Lines of Credit (Junior). To the extent the lease
receivables are the monthly payments by the lessee, they would represent income for the credit union and should be
treated like cash, i.e., may be excluded. However, the value of the automobiles that the credit union presumably owns
and leases should be included in the asset calculation.
Kind regards.
Vesselina Musick
Attorney | Federal Trade Commission | Premerger Notification Office
Direct +1 202.326.2307 | Email: vmusick@ftc.gov | www.ftc.gov
From:
Sent: Friday, November 1, 2024 4:26 PM
To: Musick, Vesselina <vmusick@ftc.gov>; Thomas, Oliver H. <OThomas@lewisrice.com>
Cc: HSRHelp <HSRHelp@ftc.gov>
Subject: RE: Request for Interpretation
Vesselina,
I am	told these are	direct auto	leases made by	the	target	credit union (the	credit union is	the	lessor).
Also – can	you please clarify whether you	are	in	agreement	regarding	the	other	items	in 3	below	(Loans/Lines of
Credit (1st)	–	Line	9	/	Code	703A and	Loans/Lines	of Credit (Junior) – Line 10 / Code	386A?
Thanks	for your	help,
auto mat c do w nlo ad o f th s p ic u e
From: Musick, Vesselina <vmusick@ftc.gov>
Sent: Friday, November 1, 2024 2:03 PM
To:
Cc: HSRHelp <HSRHelp@ftc.gov>
Subject: [EXTERNAL] RE: Request for Interpretation
We agree regarding cash and investments. Could you please explain and provide examples of what is included in lease
receivables?
Kind regards.
Vesselina Musick
Attorney | Federal Trade Commission | Premerger Notification Office
Direct +1 202.326.2307 | Email: vmusick@ftc.gov | www.ftc.gov
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From:
To: HSRH elp < HSRHe lp@ftc.gov>
Sent: T uesday, Octobe r 29 , 2024 3: 08 :55 PM ( UTC-05:00) Eastern Ti me (US & Cana da)
Cc:
Subject: Request for I nterpretat ion
I have a question rega rd ing t he calculation of the size-of-transaction with respect to the merger of two credit
union s. We h ave reviewed Info r ma l Interpretation No. 0112004 dated December 10, 2001. That infor mal
interpretation provides t hat certain assets reported on the National Credit Union Admin istrative Call Report Form
5300 may be excluded in determ ining whether the size-of-transaction pre-merger reporti ng thresholds h ave been
met. Fo rm 5300 h as been revised since 2001; a copy of the current form is attached for your reference. Based on
the classification of the assets in the infor mal interpretation and our understand ing of where those assets are
reported in the current version of Form 5300, we believe the fo ll owi ng asset classes may be excluded from the
size-of-transaction calculation:
1. 	Cash and Ot her Deposits
Cash on Hand - Line 1(a}/ Code 703A
Cash on Deposit - Line 2(d} I Code 730B
2. 	Invest me nts
Total Investment Securities - Li ne 12 / Code AS0013
Other Investments - Line 14 / Code AS0017
3. 	Mortgages and Leases
Loans/Lines of Credit (1st}- Line 9 / Code 703A
Loans/Lines of Credit (Ju n ior}- Line 10 / Code 386A
Lease Receivable - Li ne 7 / Code 002
Please let me know if you have any questions regarding this request or need add itional information. We wou ld like
confirmation that we may still rely on Infor ma l Interpretation No. 11 2004 and th at our understanding of the assets
that may be excluded under the cur rent version of the form is co rrect.
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