ALEXANDRIA, Va.–NCUA has scheduled a hearing on a request by Dade County FCU to expand northward to serve Broward County, Fla., as part of its field of membership.
The $1.2-billion Dade County FCU is seeking a community charter in order to expand its FOM.
A public hearing, to be available online,on Dade County FCU’s request will be held June 7. The expansion request is also out for public comment through May 10.
According to the notice filed with NCUA, Dade County FCU is seeking to add a county with a population of 4.6 million people. The agency noted the hearing is required under a rule change in 2018, which calls for notice and public hearing when a federal credit union is seeking a community charter for an area with multiple political jurisdictions with a population of 2.5 million people or more.
An ‘Inhibitor’ to New Members
Dade County FCU, which has as low-income designation, had 100,707 members as of year-end 2022. Its current field of membership encompasses Miami-Dade County, which is home to Miami.
DCFCU said its FOM request that its current community is an “inhibitor to current and future growth as it regularly turns away would- be members from nearby neighboring Broward County who are not eligible to join through their current field of membership.”
The credit union must show that its proposed field of membership (FOM) is a “well-defined local” community.
Up to Eight Presenters
Up to eight presenters, including the applicant, will be allowed during the public hearing. The first six other interested parties to contact NCUA in writing will be permitted to make presentations. The agency said the eighth slot will be reserved by the agency’s Office of Credit Union Resources and Expansion (CURE), which has the discretion to designate as eligible for a presentation by an interested party.
The agency said it will make a decision within 30 days of the hearing.
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