HARRISBURG, Penn.–The Pennsylvania Department of Banking and Securities pre-approved 12 types of association common bonds that state-chartered credit unions may include in their field of membership.
According to the Pennsylvania CU Association, the Department’s ruling tracks association common bond rules that were adopted by the NCUA for federal credit unions which took effect on July 6. The Department issued a letter signed by Wendy Spicher, Deputy Secretary for Depository Institutions, enabling Pennsylvania state-chartered credit unions to seek to serve the same types of associational groups as their federal counterparts, the PCUA said.
“The Association supports a strong dual chartering system and the action by the Department of Banking and Securities maintains parity between federal and state-chartered credit unions, providing for a choice between charters,” said Patrick Conway, president and CEO of the PCUA.