NCUA’s Lax Membership Rules

The NCUA board is proposing to quadruple the population threshold of a presumptive community charter consisting of a statistical area or a portion thereof served by a federal credit union to 10 million. Therefore, West Virginia could potentially be a part of the Washington-Baltimore-Arlington, DC-MD-VA-WV-PA Combined Statistical Area that has estimated population of approximately 9.6 million people.

“The Board defines a statistical area as being comprised by a Combined Statistical Area or a Core-Based Statistical Area (CBSA). A CBSA is either a Metropolitan or Micropolitan Statistical Area.

For example, if the proposed population threshold of 10 million is approved, this would allow an FCU to serve a statistical area as a well-defined local community (WDLC) with a population that is greater than the population of 41 states and the District of Columbia.”

Read the full article from Credit Union Watch here. 

See the impact on taxes in your state.

Tell Congress: It’s time to reform credit unions.