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Credit unions cannot include their Web sites in the definition of service facility for multiple common bond federal credit unions, according to a recent NCUA legal opinion.NCUA General Counsel Robert M. Fenner wrote that the Federal Credit Union Act and agency regulations state that if such a credit union wants to add a new group to its field of membership it must be “within reasonable proximity to the location of the group.”He pointed out that to meet that requirement, a credit union must have a service facility near the group and an Internet Web site because it “lacks a physical presence” and is “not a service facility.”Fenner was responding to an inquiry from Ronald Burniske, president/CEO of Chartway Federal Credit Union in Virginia Beach, Va.

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Peter Westerman

Credit Union Times

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