ARLINGTON, Va. — NAFCU commended NCUA for looking through its field of membership chartering policy, particularly as it pertains to "local community."
The NCUA Board made the announcement that it would be reviewing its Field of Membership and Chartering Manual after turning down the appeals for community charter conversions for Cinfed Federal Credit Union and Emery Federal Credit Union covering an eight county area.
"The current somewhat vague requirements for the establishment of a community charter have unfortunately discouraged and inhibited many credit unions who have applied for a community charter, largely as a result of the vagaries of the application process," NAFCU President/CEO Fred Becker wrote in a letter to the agency. NAFCU noted that lack of clarity for the term "well-defined, local community" has led to lawsuits from the banking trade associations.
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