Members Of Foundation OK'd For Membership
State regulators said they have approved a request from Community Credit Union to allow members of its newly formed non-profit Community CU Foundation to be eligible for membership in the Plano-based credit union, the third state charter to allow membership outside its approved field of membership through an affiliated non-profit.
Under the proposal approved by the Texas CU Department, individuals who join the foundation for a nominal fee are also eligible to join the credit union, even if they are not within the credit union's existing FOM.
Two other credit unions, Denton Area Teachers CU and Texans Credit Union, have already been granted approval to extend membership eligibility to charitable donors. Both OmniAmerican CU and Texas Dow Employees CU have also requested permission to pursue new members through affiliated foundations.