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NCUA Board to Reopen FOM Manual, NCUSIF Declares $52 Million Dividend

The NCUA Board voted 2-1 March 15 to reject two credit unions' community charter applications, prompting the board members to say they will be looking into clarifying the Field of Membership and Chartering Manual.

By Sarah Snell Cooke | Updated on March 20, 2007

ALEXANDRIA, Va. — The NCUA Board voted 2-1 March 15 to reject two credit unions’ community charter applications, prompting the board members to say they will be looking into clarifying the Field of Membership and Chartering Manual.

Cinfed Federal Credit Union and Emery Federal Credit Union were both turned down by the region for community charters encompassing eight counties in Ohio, Kentucky, and Indiana with a population of 1.9 million people. The NCUA Board last week denied their appeal of the regional directors’ decision on a 2-1 vote with Board Member Gigi Hyland voting to approve the community charter application and Vice Chairman Rodney Hood stating he was inclined to do so, but thought better of it in order to “do more for the credit union system…at this time.”

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