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Membership Dues Support Mission

Arizona FCU CEO says his membership fee is in compliance, improves accountability and supports the CU philosophy.

By Ronald L. Westad | Updated on July 17, 2015
I read with obvious interest Tina Orem’s June 25, 2015, article titled, “NCUA Bans Periodic Membership Fees for FCUs.” In the fourth paragraph of the article, Ms. Orem mentions Arizona Federal Credit Union after stating that the NCUA’s “opinion could affect how some credit unions do business,” and in the next paragraph she poses a rhetorical question “whether and how the NCUA will pursue Arizona FCU.”

To the best of my knowledge and belief Ms. Orem made no effort to contact Arizona FCU. Please allow me the opportunity to add clarity and perspective to her article.

Compliance with the Federal Credit Union Act and NCUA Rules and Regulations

We are in compliance with the Federal Credit Union Act and NCUA Rules and Regulations. We worked closely with NCUA’s Office of General Counsel and the Region V Office and we obtained appropriate guidance and constructive input to ensure our design and construct was in compliance. The monthly account service fee we assess, and describe as membership dues, is permitted by all statutes and regulations pertaining to federally chartered credit unions. Based on my conversations with representatives of the NCUA, they have no reason to pursue Arizona FCU.

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