NCUA FOM – Can a Multiple Common Bond charter apply for a core area or CBSA without giving up our core groups?

Compliance > NCUA
Q:  Can a Multiple Common Bond charter apply for a core area or CBSA without giving up our core groups?
 
A:  No.  A multiple common bond credit union that converts to a community credit union will no longer have any of its occupational or associational groups listed in its charter.  For any group located outside the boundaries of the community, the credit union must notify the groups that they are unable to accept new members from the groups following conversion.  A credit union will be able to continue to serve members of record that were obtained from its occupational or associational groups added prior to the community conversion.
  
     
 
ADDITIONAL INFORMATION:
This information was obtained from the NCUA’s website, Chartering and Field of Membership Resources page -    https://www.ncua.gov/services/Pages/field-of-membership-chartering.aspx
 

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