Homeland Security Dept. Mulling CU Services

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Officials of the newly formed U.S. Department of Homeland Security, made up of a conglomeration of 22 previously existing federal agencies, have asked NCUA for guidance on providing credit union services to its employees nationwide.

Many of these agencies are already served by one or more credit unions. But the newly formed agency and its 180,000 employees, not to mention family members, is a potential prize for any credit union petitioning to serve the group en masse.

In a recent legal opinion letter, NCUA told Homeland Security officials that numerous credit unions qualify to serve their employees. Those credit unions can apply to NCUA for a housekeeping amendment under the agency's corporate restructuring provisions, the same ones that apply to private sector corporate restructurings, to serve all or some Homeland Security employees.

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