Thomas Probes State Charters On Service

Register now

State-chartered credit unions have joined with their federal counterparts and will become part of a congressional effort to measure how credit unions serve their memberships.

In a letter to the National Association of State Credit Union Supervisors (NASCUS) House Ways and Means Chairman Bill Thomas (R-CA) asked that state credit union regulators begin collecting data about the credit unions in their states.

The request follows a well-documented and similar request to NCUA by Thomas for data on federal credit union service to communities, and came in the wake of a November, 2005 hearing on the credit union tax-exemption. Approximately 40% of all credit unions are state charters. Specifically, Thomas is asking for information related to:

* Total number of state-charters, assets and members.

* On a state-by-state basis, the extent to which providing service to low- and modest-income consumers is an explicit or implicit part of the chartering requirement for credit unions.

* For state credit unions that do not file individual Form 990 for their executives, specific numbers on executive compensation.

* Amounts invested in CUSOs, a listing of each CUSO a credit union invests in, a list of services obtained, and the annual amount of income derived from their CUSO investments and their percentage of total net income in the last five years.

* Assets of each CUSO on a state-by-state basis, the most common services used by customers in the last five years, the number and percentage of members and nonmembers that used a CUSO in that period, and the amount of revenue generated.

* The number of CUs that paid UBIT, the amounts of UBIT paid, and the services on which UBIT was paid, including any UBIT paid as a result of income generated from CUSO activities.

For reprint and licensing requests for this article, click here.