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.
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.
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