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ALEXANDRIA, Va.- According to NCUA’s monthly report on delegated activities, 19 CU mergers were approved for May with eight remaining federal charters and 11 continuing business as state chartered credit unions. The merged federal credit unions totaled almost $21 million in assets, while the state charters merged about $31 million in assets. Federal credit unions also added to their ranks last month. Three federally insured state chartered credit unions converted to federal charters with $67.5 million in assets while just one federal credit union converted to a state charter with $52 million in assets. Additionally, a new federal charter was approved for City of Hope Federal Credit Union in Norcross, Georgia with 16,000 potential members. NCUA is also well on its way to breaking its record of 16.1 million new potential members in low-income areas from last year. For the month of May, more than 1.7 million new potential members were added in underserved areas with a 60% approval rating. Nearly 32% of applications have been deferred by the agency and 8.3%, or five, were denied. As has been fairly common practice since the passage of H.R. 1151, 14 community charter conversions were approved last month. None were denied and eight have been deferred for further information gathering. Nearly 4.7 million new potential members were added in this manner. [email protected]

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