NCUA Approved 13 Conversions To Community Charter During October
NCUA said it approved 13 more conversions to community charter in October, making a total of 112 for the year, a new 12-month high with two months still to go in 2003. That makes more than 500 federally chartered credit unions that have switched to community charters since the 1998 passage of HR 1151 that eased the way for multiple group fields of membership.
The largest conversions granted in October were: K 25 FCU, Oak Ridge, Tenn., to serve 625,000 residents in greater Knoxville; Motor Parts FCU, Auburn Hills, Mich., to encompass 600,000 residents of Oakland County, Mich.; Inland Employees FCU, Schererville, Ind., to cover 500,000 residents in Lake County, Ind.; and OSU FCU, Corvallis, Ore., to serve 500,000 residents of Benton, Linn and Marion counties, Ore.