Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Internet not a service facility NCUA
WASHINGTON (1/30/09)—The National Credit Union Administration (NCUA) reiterated its stance that a credit union’s Web site does not qualify as a service facility under the agency’s chartering and field of membership requirements. If formation of a separate credit union is not practical, a multiple common bond credit union may add a new group to its field of membership if it shows the NCUA it is “within reasonable proximity to the location of the group.” The group would have to be within “reasonable proximity” of a service facility of the credit union. A service facility can be a credit union-owned branch, ATM, or mobile branch, among other things. It cannot, said the NCUA, be a Web site. “A credit union’s Internet website lacks a physical presence so cannot meet the statutory requirements to be within reasonable proximity of the groups,” the agency said in a Jan. 12 legal opinion letter. The observation was made by NCUA General Counsel Robert Fenner in response to a letter from Ronald L. Burniske, President/CEO, Chartway FCU, Virginia Beach, Va. Burniske had requested the agency consider modifying NCUA regulations to include internet banking services within the definition of a service facility in this instance.
Other Resources

RSS print
News Now LiveWire
July 's Fed Bank's "FedFocus" has some interesting articles: incl cost/benefits of $1 currency 2 coin conversion ttp://tinyurl.com/nybmnhh
16 hours ago
Do you wish you were a News Now subscriber? Go here: http://t.co/7evfBSjeMx
16 hours ago
Financial education for student body key part of Altura #creditunion, UC-Riverside partnership #NewsNow http://t.co/Xp6OJd66o6
17 hours ago
.@VTcreditunions gains 200 new FB followers in just 2 wks to reach 1,000 http://t.co/I89xJcv4Jg
18 hours ago
.@CUNA is testifying on reg relief Tues,July 15 at 2 p.m. be4 Hs Fin Serv Subc. Here is the agenda and witness list: http://t.co/yBRhlmdqHt
20 hours ago