Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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.”


RSS print
News Now LiveWire
Hope FCU 'exceptional' in minority service: @GOBankingRates.com #NewsNow http://t.co/yp1JsKmGo0
32 minutes ago
.@wpcu in the running for Dayton Brand Madness 2014 @DBJnews http://t.co/waOSDAGUtr
43 minutes ago
.@NW_Banking looking for #creditunion entries for #CUFinLit contest to fund through http://t.co/E6GFvjd5XW
1 hours ago
#NewsNow: Fannie Mae, Freddie Mac consider VantageScore for alternate credit model. http://t.co/611II7AcKD
2 hours ago
Va. #creditunion league breaks ground on new HQ #NewsNow http://t.co/Cn24i1hOHV
3 hours ago