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MADISON, Wis. – CUNA Mutual Group and others expect to hear back from the Office of Thrift Supervision sometime this week for comments on the application that was submitted on July 3 to start a credit union-owned nationally chartered trust company. At a MEMBERS Development Corp., LLC meeting in Chicago last week, attendees were given a “progress report,” on the status of the application, said Sydney Lindner, CUNA Mutual’s public relations director. “It was a regular MEMBERS Development meeting and that was just one topic of conversation,” Lindner said. Citing few details of the discussion, saying all involved want to continue to “respect the agency’s application process”, Lindner also said the OTS has a 30-day time period for initial comments and review and are expecting to hear back any day. CUNA Mutual, Suncoast Schools Federal Credit Union, Alaska USA Trust Co. and other stakeholders, which Lindner could not name at this time, are spearheading an effort to start a nationally-chartered trust company that would offer traditional estate management services. Suncoast Schools intended to apply for a national charter when it launched its own Members Trust Company last year, but that effort was held up until NCUA could address statute 12 CFR 712.3 (a) of the Federal Credit Union Act which allowed a credit union service organization to act as a corporation under state but not federal law. NCUA changed that provision last November. Suncoast Schools chose to begin discussions with CUNA Mutual in December to align to form a national trust services operation, Lindner said. Still wanting to respect OTS’s application process, Lindner could not provide additional information on logistics such as where representatives will be disbursed and what will happen to members who are currently doing business with Suncoast Schools’ Members Trust Co.

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