ALEXANDRIA, Va. — For purposes of whether to grant a community charter, a well defined local community would have to have 2.5 million or fewer people and have a core area containing 50% of the jobs and 33% of the population, under proposed rules unveiled by the NCUA at today's meeting.
Those criteria would indicate to the agency that individuals in those communities have "sufficient interaction and/or common interests."
Once approved, the NCUA would regularly check to be sure the credit union is following through with its marketing plan to serve the area.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
