COLUMBUS, Ohio - There's a trend of natural person credit unions converting from federal charters to state charters. It's the opposite in the corporate system. Both Minnesota Corporate Credit Union and Corporate One Credit Union cited savings from state operating fees as one of the reasons behind their conversion to federal charters. Corporate One said their conversion to a federal charter will save them nearly $100,000 a year in tax and operating expenses. The corporate also said the conversion simplifies the requirements for serving state-chartered credit unions located outside of Ohio. The third reason cited was that many of the regulatory and legislative issues facing corporates are on the national level, where corporates are represented by the Association of Corporate Credit Unions, which is becoming more active in legislation affecting corporates.
Converting to federal charter saving corporates money
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