NCUA Approves New Community FOMs
NCUA said it approved the conversion of Arizona FCU to a community charter serving all 3.2 million residents of Maricopa County, matching the largest FOM grant ever approved by the federal regulator. Earlier this year NCUA approved a request by Phoenix-based SunWest FCU to serve the same county. NCUA said it approved 12 more conversions to community charter last month, making a total of 120 approved through the first 11 months of the year, a new high.
More than 500 federal credit unions have converted to community charters since 1998 when HR 1151, the new law facilitating multiple group fields of membership, was passed.
Other large community charters approved in November were: Duval FCU, Jacksonville, Fla., to encompass the 800,000 residents of Duval County; SourceOne FCU, Brooklyn Center, Minn., to serve 675,000 residents of 10 local municipalities, including Minneapolis; Y-12 FCU, Oak Ride, Tenn., to cover 630,000 people in greater Knoxville, Tenn.; and HEW FCU, Alexandria, Va., to serve all 600,000 residents of Washington, D.C.