Two more Utah credit unions have applied to NCUA to convert to federal charter, making a total of eight over the last two years and five in just the past three months, since the state legislature convened a task force to study a credit union tax.
Information obtained by The Credit Union Journal from NCUA under the Freedom of Information Act shows the latest prospective converts includes Jordan CU, a $130-million Sandy-based credit union, meaning five of Utah's 10 biggest state charters have fled the state system since the onset of the tax battle targeting the largest credit unions. The others are America First, Mountain America, Cyprus, and Goldenwest. Representatives from two other of the largest state charters, Granite CU and University of Utah CU, told The Credit Union Journal last week they are poised to make the jump as well, pending decisions by their board. The other conversion application pending before NCUA is from McKay Dee CU, a $45-million, Ogden-based credit union.
Contact Ed Roberts at eroberts cujournal.com.