First Utah State Charter Is Ok'd For Move To Federal

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NCUA approved the first of what is expected to be a number of credit unions fleeing the Utah state charter for a new federal charter last month. Although Cyprus CU, the $185-million Magna-based credit union, applied for a federal charter because of field of membership concerns before the recent tax flap, several more state charters are expected to follow CUA sources said at least four state charters in Utah have explored converting, including Mountain America CU, the state's second largest credit union and one of three targeted by the recent tax initiative.

Separately, NCUA said it approved a request from Consolidated Financial FCU, Burbank, Ill. ($9 million) to convert to a state charter.

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