FOM Update

May 13, 2002, 1:00 a.m. EDT 1 Min Read

Conn. FCU Seeks State Charter

MIDDLETOWN, Ct.-Middlesex FCU is the latest federal credit union here to seek conversion to state charter, and the first this year.

The $62-million CU has applied to state regulators with the Department of Banking for a charter serving about 200,000 residents in Middlesex County and the surrounding communities of Madison, Guilford, Branford, North Branford, Lyme and Old Lyme.

Calif. Eyes Expedited FOM Grants

SACRAMENTO, Calif.-The state Department of Financial Institutions (DFI) issued several proposed amendments to its CU regulations, including institution of an expedited expansion process for FOM.

The proposal comes as many FOM expansion requests, especially the largest ones, have been lingering before state regulators for a year or longer. The proposals would also lower allowable limits on holding of fixed assets.

The DFI has also issued new guidelines for the growing number of CUs changing their names, requiring them to obtain prior approval from the DFI commissioner before registering with the Secretary of State.

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