BOULDER, Colo. — The $736 million Elevations Credit Union, which converted from a federal to a state charter last March to take advantage of more liberal field of membership rules, has won regulatory approval to expand into all of two counties under its multi-group, community charter.
"We're pleased that we can now offer products and services not only to growing areas in Boulder and Broomfield Counties but can reach out to the underserved in those areas," explained Bill Sterner, president/CEO of Elevations and also chairman of the Colorado Credit Union Association.
The expansion, said Sterner, does underscore "the advantages of dual chartering" considering Elevations, formerly known as UofCFCU, was stymied in FOM growth under federal regulations. The attempt to expand FOM dates back to 2001, said Sterner.
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"Let me say that the process of getting approval for our expansion was much easier than we expected," said Sterner adding the "NCUA does remain a bit gun shy" in FOM approvals an apparent reference to a serious of legislative barriers at the federal level.
Elevations with six branches does expect to add at least one new branch in the county areas, "but the main thing now is that those people who thought they had to have a connection to the university can now become members," said Sterner.
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