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NCUA Proposes to Clarify Community Charter Expectations; Hyland Questions Underserved Area Inclusion

NCUA staff has put together a proposal, approved for comment by the board at last week's meeting, to clarify the agency's expectations for a community charter application following the board's denial of an appeal for the same community charter for two credit unions in March.

By Sarah Snell Cooke | Updated on May 29, 2007

ALEXANDRIA, Va. — NCUA staff has put together a proposal, approved for comment by the board at last week’s meeting, to clarify the agency’s expectations for a community charter application following the board’s denial of an appeal for the same community charter for two credit unions in March.

In issuing the proposal, NCUA Deputy General Counsel Mike McKenna said the agency was trying to fulfill the task charged by the board for a more objective and clear explanation of what is needed for community charter approval. He said that under the proposed revised definitions for community charters, NCUA would retain the single political jurisdiction, such as county or smaller.

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