In a historic bid to chart new legal ground on communitycharters, a Kentucky federal credit union has converted to a statecharter, marking the first such switch in the state in 30years.

In attempting to write new ground rules on NCUA vs. state fieldof membership policies in Kentucky, the $83 million Autotruck FCUsaid it hopes to take advantage of more lenient FOM regulationsgoverning designated area development districts within thestate.

The federal-to-state conversion by the SEG-based Louisvillecredit union, made effective three days before Christmas, will givethe CU expansion muscle in 17 northern Kentucky counties. As partof the deal, the 13,000-member Autotruck is changing its name toAutotruck Financial CU.

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