HARRISRBURG, Pa. (7/14/15)--At the request from the Pennsylvania Credit Union Association (PCUA), the Pennsylvania Department of Banking and Securities (DBS) has preapproved 12 association common bonds for state-chartered credit unions.
The DBS’s move followed the National Credit Union Administration’s rule, which went into effect July 6, for the 12 association common bonds.
“The association supports a strong dual chartering system and the action by the Department of Banking and Securities maintains parity between federal and state-chartered credit unions, providing for a choice between charters,” said Patrick Conway, PCUA president/CEO (Life is a Highway July 13).
A letter signed by Wendy Spicher, deputy secretary for depository institutions, noted that “Pennsylvania state-chartered credit unions are not required to submit parity notices to the Department under Section 501(f) of the Credit Union Code in order to include members in their field of membership as discussed in this letter.”
The 12 categories are: