TIP Spreading Through The States
State regulators said Pennsylvania has become the latest of the states to entertain requests for a TIP charter, allowing credit unions to serve entire trades, industries or professions.
The Pennsylvania Department of Banking said it has received its first application for a TIP charter from Lee Hospital Credit Union in Johnstown to serve the members of the healthcare industry in the counties of Blair, Columbia and Somerset.
Three other states, Massachusetts, Connecticut and Minnesota, have granted TIP charters, which were first developed by NCUA for federal charters two years ago.
Lee Hospital Credit Union has $39 million in assets and serves about 7,050 members.