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CU System
DuPont Fibers FCU gets community charter
CHESTERFIELD, Va. (1/5/10)--DuPont Fibers FCU, Chesterfield, Va., has received a charter expansion approval from the National Credit Union Administration (NCUA), DuPont Fibers President/CEO Rose Gilliam announced Monday. The new community charter enables the $180 million asset credit union to serve members who live, work, attend school, worship or volunteer in Chesterfield, Henrico and Hanover Counties and the city of Richmond. "Because of our new community charter, we will be able to offer more members of our community an alternative banking relationship by providing them with affordable credit union products and services," Gilliam said in a press release. NCUA in December had approved a proposed rule that would revise the agency's community chartering policies and more clearly outline the parameters of a community chartered credit union (News Now Dec. 18). Federal credit unions applying for a community charter in the past had to provide hundreds of pages of information to demonstrate the evidence of a community. The new standards provide a defined set of objective, quantifiable criteria to determine the existence of a well-defined local community. Credit unions also would no longer have to provide a narrative statement with their application, and they would have a shorter wait for approval. In the past some applications took 18 months before approval was granted. The new proposed rule defines "community" as a single political jurisdiction or multiple political jurisdictions within a single Metropolitan Division, so long as the total population does not exceed 2.5 million. Credit unions can also apply for the new "rural district" standard. In rural districts, the area served must be a contiguous area with more than 50% of its population in "rural" census blocks. The area's population cannot exceed 100,000.


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