Tuesday, February 5, 2013

Letter to NCUA on Common Bond Expansion

ABA wrote National Credit Union Administration (NCUA) Chairman Debbie Matz regarding the potential problematic expansion of Thrivent FCU's field of membership.

Members of Thrivent Financial for Lutherans are part of Thrivent FCU's field of membership. Thrivent Financial for Lutherans is voting to expand its common bond from Lutherans to Christians. The voting will take place between March 1 and April 30.

NCUA has an affirmative obligation to limit this type of expansion and to ensure a genuine affiliation among credit union members.

Read the letter below (click on image to enlarge).

Below is NCUA's response. The agency stated that Thrivent FCU has not notified the agency that the credit union's sponsor is in the process of amending its common bond. In the event of a change in the sponsor's bylaws, Thrivent FCU will need to submit this information to NCUA to see whether it still complies with the associational common bond.

1 comment:

  1. Maybe thrive net can get a world wide fom, access to capital, unlimited MBL capacity and special dispensation from the pope to absolve them of all the CCU assessments when they become due?
    Wait til thrive net board finds out that their CEO didn't know about all the assessments coming their way as a credit union!
    Then, imagine the joy in the thrive net board room when they don't get this world wide expansion granted.
    Maybe they can merger with contra costa cu and enjoy 35 bps of share rates!



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