ALEXANDRIA, Va. (9/18/15)--National Credit Union Administration Chair Debbie Matz announced Thursday that she will seek to streamline the agency’s community charter process. Matz addressed the matter while the board considered an expansion request from Charlotte Metro FCU of Charlotte, N.C. during its monthly meeting.
“The Office of Consumer Protection will decide on expansion requests, and if a request is denied, the credit union can appeal to the board,” Matz said, adding that she expected this action could reduce the application process by as much as two months.
The change would affect federal credit unions serving communities with more than one million residents. Those credit unions must currently receive approval from the NCUA board for an expansion.
CUNA praised the NCUA for addressing the area of regulatory relief.
“We thank the agency for streamlining the process for gaining agency approval for field of membership expansion requests,” said Elizabeth Eurgubian, CUNA’s deputy chief advocacy officer. “This is an important first step in modernizing the field of membership process."
CUNA’s Federal Credit Union subcommittee, along with CUNA staff, will be meeting with Matz, Vice Chair Rick Metsger and other NCUA staff Sept. 30 to discuss CUNA’s field of membership recommendations, and to advocate for changes to field of membership regulations.
The NCUA board unanimously approved the community charter request for Charlotte Metro FCU. The credit unions can now serve an additional 2.4 million people living in seven counties in North Caroline and three in South Carolina.
People who live, work, worship, volunteer or attend school in North Carolina’s Cabarrus, Gaston, Iredell, Lincoln, Mecklenburg, Rowan and Union counties and South Carolina’s Chester, Lancaster and York counties are now eligible to join.