Wednesday, February 16, 2011

Four TIP Charters Approved by NCUA in 2010

In 2010, NCUA approved 4 federal credit unions for trade, industry, and profession-wide (TIP) charters.

Three credit unions received TIP charters serving employees in the health care industry, the other for serving government employees.

In 2003, NCUA authorized that a credit union could serve individuals employed in a specific trade, industry or profession as a single common bond. Up to that point in time, a single occupational common bond was limited to individuals working for a specific company.

Between 2004 and 2006, NCUA approved an average of 12 TIP charters per year and in 2006, NCUA approved a record high 15 TIP charters. However, the pace of TIP charters approved by NCUA has slowed in recent years. Between 2007 and 2009, the average number of TIP charters granted by NCUA dropped to less than 6 per year.

Click on this link to review the report of approvals for 2010.
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