ALEXANDRIA, Va. -Four federally chartered credit unions were lost to state charters from merger activity in May and two changed sides as a result of a charter conversion, recently released NCUA regional director activity data indicated. In addition, the May "Regional Directors' Actions Taken Under Delegation of Authority" report showed that a region-wide total of another 8 multiple-SEG FCUs converted to federal community charters in the month for a total potential membership of almost 950,000 people. Year-to-May 31 there have been 28 multiple-SEG-to-federal community charter conversions approved at the regional level and four at the NCUA Board level for a total potential membership of 3.5 million. The May regional director figures now bring the year-to-May 31 FCU-to-FISCU conversion total to seven and the total federal charter losses from merger activity for the same period to 15. During that period only one FISCU converted to a federal charter. Perceived FCU flight from federal to state charters is an increasing concern of CUNA and especially NAFCU, with both trade associations pressing NCUA to take steps to bolster the value of the federal charter.
Six more FCUs lost to states in May
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