FOM Ruling Unleashes Larger CommunityGrants

Register now

HARRISBURG, Pa. - (01/25/05) -- Last month's ruling by thePennsylvania Department of Banking awarding the state's broadestfield of membership to TruMark CU seems to have set the pace for anumber of wider community grants for both state charters andfederal credit unions in the Keystone State. Right around the timethe state regulator was approving TruMark's five-county FOM NCUAwas approving a request from New Cumberland FCU to serve more than1.2 million people in six counties surrounding its home; and fromPhiladelphia FCU to serve all of the City of Brotherly Love as an'underserved community.' The state regulators matched the TruMarkCU grant with a similar grant for Freedom CU in Philadelphia; andapproved a request from St. Basil Parish CU to serve more than twomillion people in greater Pittsburgh.

For reprint and licensing requests for this article, click here.