NCUA FOM – In a strip mall, if a tenant leaves and another tenant moves in, do we need to submit another application to add the new tenant that moved in?

Compliance > NCUA
Q:  In a strip mall, if a tenant leaves and another tenant moves in, do we need to submit another application to add the new tenant that moved in?    
 
A:  No.  However, the employees of the new tenant that moved in are only eligible to join the credit union if the above three tenant conditions are met.  If an entity is no longer a tenant of the strip mall, the tenant’s employees would also no longer be eligible to join the credit union.  Members of record who joined the credit union while working at the facility for former tenant may continue to be served.
 
 
 
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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