TRW Systems FCU, which serves more than 1,000 SEGs, was granted one of the largest underserved FOMs by NCUA. The $550-million credit union obtained approval in January for four large tracts of low-income residents in California and in Arizona covering about one million residents.
The FOM grant is one of the four largest ever granted by NCUA under its low-income expansion policy, through which growing numbers of credit unions are quietly converting into community charters.
The other large underserved FOMs approved in January were for: Rochester (N.Y.) & Monroe County Employees FCU to serve 220,000 residents in the city of Rochester; and G.E. Employees FCU, Milford, Ct., to serve 140,000 residents of the city of Bridgeport, Ct.