Thursday, June 24, 2010

More on Air Force FCU

Earlier this year, I reported on NCUA slapping Air Force FCU with a letter of understanding and agreement for improperly adding individuals to the credit union’s membership rolls who were not in its field of membership.

In May, NCUA announced that it approved a change in Air Force FCU's field of membership going from a multiple common bond credit union to a single common bond credit union serving all military personnel in the states of Texas, Oklahoma, Mississippi, Louisiana and Arkansas. Credit Union Journal is reporting that the credit union will also serve civilian and federal government employees at military facilities in those 5 states.

I suspect that this field of membership change was done to limit the harm that may arise from a potential divestiture order from NCUA. If you caste the net wide enough, those previously illegally added members will now qualify as members under the new field of membership.
Posted by at
Labels:

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)
 

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.