CP Federal Credit Union (Jackson, MI) has started the process of converting to a state charter.
According to the credit union's winter newsletter, the credit union filed an application with the state regulator to switch from a federal to state charter.
The credit union stated that as a state charter the credit union will be able to serve all persons who live, work, worship, or attend school in the State of Michigan. The credit union noted that as a federal credit union it could not serve such a broad field of membership.
The credit union wrote that this decision to become a state charter was to ensure the long-term viability of the credit union.
The Michigan Department of Insurance and Financial Services tentatively approved the credit union's application on March 12, 2020.
The next step is to have the membership vote on this conversion.
CP Federal Credit Union has $468 million in assets.
Deposit taking institutions need to spend at least as much time on preserving (and growing, where possible) their deposits and overall membership base....at least as much time as they spend on the left side of their balance sheet.
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