Donors To Foundations OK'd For CU Membership

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State regulators said last week they have approved two more requests from CUs to make donors to non-profit charitable foundations eligible for membership.The action by the state CU Division will allow OmniAmerican CU, Forth Worth, to allow donors to the OmniAmerican Foundation to join. Also, Texas Dow Employees CU, Lake Jackson, has become the fourth state-chartered CU to allow membership through an adjunct to the Texas CU League's Foundation, known as the Friends of the Texas CU Foundation. State regulators emphasize that the foundations have to be legitimate charitable organizations with purposes beyond facilitating eligibility. Two others, Denton Area Teachers and Texans CU, have already been granted approval to extend membership to donors. Community CU, Denton Area Teachers CU and Texans CU, have also been granted similar approval.

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