NCUA FOM – Many SEGs have created wholly-owned subsidiaries. I realize employees of these subsidiaries are not contractors …. Can these wholly-owned subsidiaries be added with a housekeeping amendment?

Compliance > NCUA
Q:  Many SEGs have created wholly-owned subsidiaries.  I realize employees of these subsidiaries are not contractors but they can be of similar importance to the SEG in our FOB.  Can these wholly-owned subsidiaries be added with a housekeeping amendment?
 
A:  No.  This only applies to entities working under contract possessing a strong dependency relationship with the group, not to any of the group’s subsidiaries.      
 
 
 
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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