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NCUA denies community charter for CU
BRIDGETON, Mo. (9/20/10)--The National Credit Union Administration (NCUA) has denied an application by Bridgeton, Mo.-based Vantage CU to convert to a federal community charter. On a 2-1 vote, NCUA upheld the Region IV director’s denial of the application. The credit union, as part of its conversion application, had requested to include the city of St. Louis and seven additional counties in Missouri and Illinois in its field of membership (FOM). Most of the board denied the appeal based on the regional director’s determination that under the agency’s former FOM rule, the application did not show sufficient interaction, even though it was shown the area is similar to at least one other FOM that was approved under the prior rule. “We’re disappointed with the decision,” said Eric Acree, Vantage CU executive vice president of operations. “We disagree that we did not prove the interaction requirements as a community is defined by NCUA.” He noted that Vantage already serves many of the counties that the credit union wished to expand its FOM to as noted in the application. “We’re evaluating what our next moves will be,” he told News Now. Vantage CU has $654 million in assets.


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