The more support the federal credit union needs to provide to show the area is a WDLC.Ī community application based on the narrative approach must include evidence that clearly supports the proposed area qualifies as a WDLC.The more difficult it will be to show an area is a WDLC.In addition, the larger the area both geographically and by population:
The intent to serve the entire community and all of its segments.The ability to serve the requested community and.Under the narrative approach, the conversion/expansion application must demonstrate the federal credit union has both: The Board provided this additional option in recognition that not all potential WDLCs align with the permissible presumptive communities. The narrative approach may allow a federal credit union to establish a WDLC for an area not otherwise qualifying as one of the presumptive communities discussed in the preceding paragraph. Federal credit unions can also request a community the NCUA previously determined is a WDLC and, when applicable, areas meeting the requirements for being rural districts.
The NCUA’s chartering policies continue to recognize single political jurisdiction (SPJs), or portions thereof, and core based statistical areas (CBSAs) (i.e., metropolitan and micropolitan statistical areas), or portions thereof provided that the population does not exceed 2.5 million people as local communities. The narrative approach is an additional option available to establish the presence of a WDLC. This rule became effective September 1, 2018. On June 21, 2018, the NCUA Board approved a final rule providing federal credit unions with more flexibility when submitting an application for a community charter conversion or expansion.1 Under the rule, federal credit unions now have the option to submit applications using a narrative, with sufficient supporting documentation, to establish the existence of a welldefined local community (WDLC). We look forward to welcoming you as a member and together, build a better San Diego.Office of Credit Union Resources and Expansion BACKGROUND Our members and employees understand that communities work best when they work together.
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That’s why we’ve partnered with industry-leading BALANCE to provide our members with free access to financial education modules, monthly webinars, and other online tools and resources to enhance their finances. Financial Wellness for AllĪt Mission Fed Credit Union, we care about the financial wellness of our community. To earn the Juntos Avanzamos designation, Mission Fed completed an extensive application process, requiring information and details about products and services offered to specifically address the needs of the Hispanic market, including what strategies are being utilized and the key community partnerships the organization has within the demographic. Mission Fed joins approximately 129 credit unions nationwide who are part of the Juntos Avanzamos financial inclusion movement. The Juntos Avanzamos Designation, translating to “Together We Advance,” is a testament for credit unions which have a vision and commitment of serving the Hispanic Community in providing financial services and asset building opportunities. Mission Fed Receives the Juntos Avanzamo video on YouTube - Description: Visuals depict Mission Fed's commitment to members and our community.Īs a result of our historical and on-going commitment to serving and empowering Hispanic consumers, Mission Fed became the first credit union in San Diego County to receive the Juntos Avanzamos Designation.
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