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NCUA Board Approves Two Large Community Charter Conversions

The NCUA Board unanimously approved community charters for two larger credit unions looking for room to grow.

By Sarah Snell Cooke | Updated on September 27, 2007

ALEXANDRIA, Va. — The NCUA Board unanimously approved community charters for two larger credit unions looking for room to grow.

Consolidated Federal Credit Union of Portland, Ore. was approved to serve the nearly 1.6 million residents of Multnomah, Washington, and Clackamas Counties in Oregon. The credit union did have to give up serving new members in South Carolina, which was a key branch of its former primary sponsor, under current NCUA rules. Upon approval, Consolidated planned to increase its marketing budget 350% in the first year and hire a community development officer to get the word out on their expansion and credit union services.

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