Data Indicate Flight From Fed Charter Is Slowing

The flight from federal charter has decelerated over the past two years. Data obtained by The Credit Union Journal from NCUA under the Freedom of Information Act shows there are just six applications in the pipeline to switch to state charter and three applications to convert to federal charter.

The largest conversions to state charters pending are: U.S. Consolidated FCU, Denver, with $65 million in assets, and GP Community FCU, Palatka, Fla., with $55 million. The three apps to switch from state to federal are from Utah's America First CU, Mountain America CU and Goldenwest CU.