ALEXANDRIA, Va. — The NCUA Board unanimously approved community charters for two larger credit unions looking for room to grow.
Consolidated Federal Credit Union of Portland, Ore. was approved to serve the nearly 1.6 million residents of Multnomah, Washington, and Clackamas Counties in Oregon. The credit union did have to give up serving new members in South Carolina, which was a key branch of its former primary sponsor, under current NCUA rules. Upon approval, Consolidated planned to increase its marketing budget 350% in the first year and hire a community development officer to get the word out on their expansion and credit union services.
In Region II, Connects Federal Credit Union was approved to convert from a multiple select employee group credit union to a community charter serving 806,313 potential members. The $63 million credit union currently has a member penetration rate of 87%.
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Board Member Gigi Hyland asked pointed questions of the regional staff about whether any information contrary to approval was taken into account, as is being challenged by the American Bankers Association lawsuit. In both cases the regional staff explained how they considered factors that were not but that information was countered with other data.
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