ALEXANDRIA, Va. – During last week's NCUA Board meeting, two community charters received approval from the regulatory body.
American Eagle Federal Credit Union got the go-ahead to convert from a multiple common bond credit union to a community charter encompassing Hartford, Middlesex, and Tolland County, Conn. The single metropolitan statistical area covers 1,148,618 residents. The City of Hartford serves as its major hub for social, cultural and economic activity.
The board members noted the credit union's 79% penetration rate and the need to diversify.
Recommended For You
NCUA Chairman JoAnn Johnson noted its proposals to enhance services targeting the Latino market, while Vice Chairman Rodney Hood, who was unable to attend the meeting in person due to a family emergency but did so via phone, highlighted that the credit union was studying the possibility of getting involved in member business lending.
The NCUA Board also approved the conversion of Aerospace Credit Union from a one city and three-county state chartered community charter to a one city and two-county federal community charter. The new field of membership covers the City of St. Louis, St. Louis County, and St. Charles County, Mo. with 1,648,387 residents.
In the conversion to a federal charter, Aerospace will be giving up Lincoln County. According to NCUA regional staff, they could not justify sufficient interaction under the federal statute and regulations. Missouri's community charter is facing a serious legal challenge. The credit union has three existing facilities in the area, plans for three more and seven shared facilities. It also plans to market through television, radio and newspaper ads as well as billboard and banners at bus shelters.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
