Friday, June 26, 2020

Members Approve Cobalt CU's Switch to Federal Charter

Earlier this year, I wrote that Cobalt Credit Union was seeking to convert from an Iowa state chartered credit union to a federal credit union.

On May 1, the membership of the credit union voted to approve the switch to a federal charter.

According to information obtained from the National Credit Union Administration thru a Freedom of Information Act (FOIA) request seeking Cobalt's charter conversion application, the credit union has applied for a community charter serving the Omaha-Council Bluffs Metropolitan Statistical Area plus additional Iowa counties.

The proposed service area includes the Iowa counties of Pottawattamie, Mills, Harrison, Crawford, Carroll, Shelby, Ida, Monona, and Sac and the Nebraska counties of Sarpy, Douglas, Cass, Saunders, and Washington (counties in italics are part of the Omaha-Council Bluffs Metropolitan Statistical Area).

In response to the FOIA request, NCUA provided 30 pages of information and withheld 190 pages based upon one or more of the exemptions at 5 U.S.C. § 552(b)(4), (5), (6), (7)(C), and (8).

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