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NCUA OKs First Utah Convert To Fed Charter

ALEXANDRIA, Va.-NCUA said last week it approved a federal charter for America First CU, the Utah credit union giant fleeing the state's tax threat. The charter will allow the $2.5- billion credit union to serve almost 1.6 million residents in six Utah counties: Davis, Morgan, Salt Lake, Summit, Tooele and Weber, the same charter approved the week before for nearby Tooele FCU, and the largest community grant ever by the federal regulator.

Federal charter applications are still pending for Mountain America CU and Goldenwest CU, the other two Utah state credit unions that have opted to convert to federal charters to avoiud a potential state tax on credit unions.

Bethpage FCU Applies To Serve 3M People

BETHPAGE, N.Y.-Credit union giant Bethpage FCU is preparing to test the limits of NCUA's community chartering rules with an application submitted to the federal agency to convert to a community field of membership (FOM) serving almost three million residents in Long Island's two counties, Nassau and Suffolk. The $1.5-billion credit union currently serves more than 150 select groups, including 11 of Long Island's 15 biggest employers, Kirk Kordeleski, president of the credit union, told The Credit Union Journal. The community area would be almost twice the population of the previous high approved for a federal charter, approved by the NCUA board last week allowing Tooele FCU to serve almost 1.6 million people in six Utah counties.

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