The Office of Thrift Supervision has approved a bid by BUCS Federal Credit Union to become a federal thrift, according to a Sept. 23 order made public Wednesday.

The Owings Mills, Md., institution filed the application in March after a federal judge imposed severe limits on the ability of credit unions to add new members.

BUCS Federal, which was chartered to serve Blue Cross and Blue Shield of Maryland, is the first of five thrift charter applications from credit unions to be approved since the court ruling.

Besides BUCS Federal, only two other credit unions have ever converted to federal thrifts: Lusitania Federal Credit Union, Newark, N.J., on March 6, 1995, and Awane Credit Union, Peterborough, N.H., on Nov. 17, 1995.

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