If State CUs Want Interstate Branches, Convert To Federal

Editor's note: this letter was written in response to an article that appeared on www.cujournal.com Nov. 2.

I have and continue to see value in being a federal credit union. It adds credibility to our status and provides a solid insurance coverage through NCUA.

State-chartered credit unions have cost NCUSIF in the past (Rhode Island) without bringing any substantial value for the benefit. In general, state chartered credit unions have a more relaxed field of membership policy. But, to now allow state-chartered credit unions to expand beyond their state boundaries is going too far.

If you want federal insurance and if you want to serve members beyond your state, then convert to a federal charter.

Richard Webb, CEO

Atlantic Financial FCU

Hunt Valley, Md.


Credit Union Journal encourages reader feedback. Letters to the Editor can be sent to Managing Editor Lisa Freeman at lfreeman<at>cujournal.com. Letters can also be faxed to 561-832-2939 or submitted online at www.cujournal.com. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com