Federal Charters To Encompass Entire Cities

Register now

NCUA reported last week it has granted five more community charters that each cover major U.S. cities.

The community charters were granted to: Sun East FCU to serve all 1.5 million residents of Philadelphia; to Pittsburgh Central FCU to serve 1.6 million residents of three counties including Pittsburgh; Auto Workers FCU to cover two counties including Pittsburgh; Tucson FCU to encompass 900,00 residents of Pima County, Ariz., and the city of Tucson; and Stark FCU to cover Stark and Carroll counties, Ohio, which covers the city of Canton. In the past two years NCUA has granted charters that encompass all of Washington, D.C.; Baltimore; Phoenix; San Francisco; Miami; Houston; Richmond, Va.; St. Paul-Minneapolis; Lansing, Mich.; and Wilmington, Del.

Some of the citywide charters, including most of the biggest ones (Houston, Miami, Washington, D.C., Philadelphia) were granted under NCUA underserved expansions program. Generally, an area or city qualified as underserved if 80% of the population earns 80% of the median national income or less.

Ed Roberts can be reached at robertscuj cujournal.com

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER