Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ALEXANDRIA, Va.-NCUA approved a number of very large community charters this year, including the largest ever. LA Financial Federal Credit Union was approved in July to serve all of Los Angeles County in August, encompassing 10.1 million residents. Los Angeles County had the highest population of any county in the United States as of January 2004. The $300 million credit union stated that 28% of California’s residents live in the county. It is 4,084 square miles, 800 miles more than Delaware and Rhode Island combined. The approval was done at the regional level since NCUA changed its rules to permit presumed communities, like a single county, to be reviewed by the region. The bankers were outraged by the approval and were vocal about it. NCUA also approved Desert Schools Federal Credit Union for an area of 3.1 million; Clearview Federal Credit Union (formerly US Airways Federal Credit Union) for an area of 2.7 million; US Federal Credit Union for an area of 2.6 million; Nassau County Federal Credit Union for an area of 1.3 million; IBM Texas Employees Federal Credit Union and Austin TELCO Federal Credit Union for the same field of membership with 1.25 million residents; Jefferson County Federal Credit Union and L&N Federal Credit Union for the same field of membership of 1.05 million; and Fairfax County Federal Credit Union for an area with just over one million residents. The bankers are keeping close tabs on these approvals. They recently won, in part, a case in Utah questioning the applications of NCUA’s rules regarding the `local’ community aspect. -

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.