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NCUA Assigns Community Charter Decisions to Office of Consumer Protection
Monday, October 19, 2015 6:45 AM

All community charter actions will now be approved by the director of the National Credit Union Administration’s Office of Consumer Protection (OCP). Following up on NCUA Chair Debbie Matz's address of the topic at last month’s board meeting, the board approved the changes Thursday, making them effective immediately.

“We appreciate the board’s decision regarding delegation of authority for community charter requests; it represents a good first step in field-of-membership reform,” said CUNA Chief Advocacy Officer Ryan Donovan. “This is consistent with our suggestion that NCUA do everything under its authority to remove barriers to field-of-membership expansion.”

NCUA board approval previously had been required for a community charter action involving a population of one million people or larger. Once a community charter conversion or expansion occurs, the office will continue to follow up with a credit union to monitor its progress.

Under the change, as much as two months could be trimmed from the application process for a credit union serving an area with more than one million residents.

If a credit union’s request is not approved, it can still appeal to the board.