ARLINGTON, Va.-NASCUS last week said that several state agencies recently signed a Regional Interstate Branching Agreement, enhancing the ability of a state charter in those state to branch and serve members across state lines. Signing the agreement were agencies in Alabama, Georgia, Florida, Missouri, Mississippi, North Carolina and Tennessee, in which the parties agree to promote interstate commerce and cooperation on a reciprocal basis. "The signing of this agreement demonstrates state regulators' commitment to strengthening the state charter and promoting opportunities for state credit union growth," said NASCUS Chairman George Reynolds. "Federally chartered credit unions can branch without limitations so it's important to provide state-chartered credit unions with the parity to do the same."
The regional agreements are supplementary to the NASCUS' Nationwide Cooperative Agreement for the Supervision of State-Chartered Credit Unions Operating in a Multi-State Environment, the document most state regulators use to facilitate interstate branching. NASCUS said it is currently updating and revising the Nationwide Cooperative Agreement and facilitating the development of additional regional agreements.
