The Charter Advisory Group of Members United Bridge has disclosed that it recently filed an official application with NCUA to charter a new corporate credit union. In that filing–made on March 18–seven members of the Charter Advisory Group also agreed to serve as the interim board of the new corporate until an election can be held to seat a permanent board.
Included in the filing were a business plan, bylaws and policies. An application for share insurance also was made.
Importantly, the filing included details on a capital plan that is said to be "unique in the industry in that it is tied to credit union debit settlement and not assets, so it represents how members actually use the corporate. This will help minimize the capital contribution asked of members," said the Charter Advisory Group in a prepared statement.
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The Charter Advisory Group also made clear in its statement that the phrase "coming out of bridge" does not "accurately portray what is occurring." That is because the group is seeking to build "a brand new corporate credit union that will retain the valuable assets, processes and people of Members United Bridge Corporate Federal Credit Union."
The statement was signed by John Fiore, CEO of Motorola Employees Credit Union, acting in the capacity as chairman of the Charter Advisory Group.
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