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News Now

Washington
Pennsylvania FOM case closed
WASHINGTON (9/17/08)—U.S. District Court Judge Yvette Kane has entered the remedy to the Pennsylvania field of membership case submitted by the National Credit Union Administration (NCUA) and the bankers and has ordered the clerk to close the case. Under the remedy, effective immediately, the community charters granted by the NCUA to Members 1st FCU in 2003, New Cumberland FCU in 2004, and AmeriChoice FCU in 2005 are vacated. Each credit union is prohibited from accepting any new members pursuant to their former community charters unless those members are eligible under the restored charters. However, current members who would not be eligible for membership under the restored charter may remain as members as “grandfathered members.” John McKechnie III, NCUA director of public and congressional affairs, said Tuesday that the court orders' provision allowing the credit unions to continue to serve all members of record is "a particularly positrive apect." The judge’s order also states that the affected credit union “may add as a member any person or persons within the immediate family or household of a Grandfathered Member is the Grandfathered Member was eligible for membership under the terms of the restored charter on or after April 23, 2003.”


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