CUs Seek New Ground On UnderservedFOMs

ALEXANDRIA, Va. - (10/11/02) -- The NCUA Board next week is expectedto break new ground in its campaign to steer credit unions intolow-income communities when it reviews a request by SSA BaltimoreFCU to add 630,000 residents of Baltimore, almost the entire city,as an underserved FOM. NCUA sources told The CreditUnion Journal that the vast majority of Baltimore, 86% of thepopulation, qualifies as an 'underserved' area under NCUA's rules.The Board will also review a request from Lafayette FCU,Kensington, Md., to serve most of Washington, D.C., 480,000residents in the nation's Capital, as a low-income community.Federal credit unions have been adding low-income communities totheir FOMs in record numbers this year, part of NCUA's 'AccessAcross America' program aimed at providing greater access to creditunion services for residents of underserved communities. The Boardwill also review a request from Webster FCU, Worcester, Mass., toexpand its community charter to include all 750,000 residents ofWorcester County. The Board is also expected to adopt a newcorporate rule which will set new standards on individual creditunions investments in their corporates and for corporatecapital.