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.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- 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.
