State CUSO Seeks National Trust Powers

- TAMPA, Fla. (05/07/01) - In a potentiallygroundbreaking move, Suncoast Schools FCU is working with NCUA toacquire a national charter for its state-chartered Members TrustCo. The wholly owned subsidiary of Florida's biggest credit unioncurrently provides trust services to more than 1,800 credit unionmembers and members of other Florida credit unions and has beenasked to provide similar services for out-of-state credit unions,according to Tom Doherty, president of the $2.3 billioninstitution. Many of those customers have been shut out by localbanks as unprofitable because of modest household worth. However,Members Trust has been prevented by its state charter from offeringits trust services to out-of-state credit unions. Doherty has askedNCUA to help it resolve issues with the Office of the Comptrollerof the Currency, which regulates national trusts, that arepreventing the CUSO from pursuing this proposal.