Monday, August 24, 2009

Spreading Its Wings

Wings Financial FCU (Apple Valley, MN) is proposing to convert to a state charter so that it can expand its membership base.

Currently, Wings Financial FCU has a Trade-, Industry-, and Profession-wide charter serving a national air transportation field of membership. But employment in the airline industry is down substantially, since the beginning of this decade, limiting the growth prospects for Wings Financial FCU.

By converting to a state chartered credit union, Wings Financial would be able to add to its field of membership individuals who live, work or worship in the 13 county Minneapolis/St. Paul metro area and still retain its national air transportation field of membership.

If Wing’s membership approves the switch from a federal to state charter, this would be the second billion-dollar plus credit union to do so this summer in order to take advantage of more liberal state field of membership requirements. Mid-Florida converted to a state charter earlier this summer.

1 comment:

  1. And for-profit banks and thrifts don't change charters and regulators for similar kinds of reasons. More authorities...less regulation...local regulators (rather than those in ivory towers in DC and Virginia). Please...again, much ado about nothing.



The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.