Pace Of Converts To Community Charter Slows
The move to convert to community charter decelerated last year to its slowest rate in six years, according to NCUA. The number of federal charters converting to community fields of membership fell to just 84 in 2004, down from 112 the year before, and the fewest since 1996, the year the Supreme Court struck down NCUA's select groups policy.
But the size of the community FOMs granted continued to grow, the agency said in a new report on community chartering.
That included a grant to LA Financial FCU to serve 10 million residents of Los Angeles County, the biggest FOM grant ever; and separate grants to US Airways FCU (now Clearview FCU) to serve three-million people in greater Pittsburgh; to US FCU to serve three-million people surrounding the Twin Cities in Minnesota; Dallas Telco FCU to serve the 2.2 million people in Dallas County; and High Desert FCU to serve two-million people in San Bernardino County, Calif.