The NCUA board is proposing to quadruple the population threshold of a presumptive community charter consisting of a statistical area or a portion thereof served by a federal credit union to 10 million. Therefore, West Virginia could potentially be a part of the Washington-Baltimore-Arlington, DC-MD-VA-WV-PA Combined Statistical Area that has estimated population of approximately 9.6 million people.
“The Board defines a statistical area as being comprised by a Combined Statistical Area or a Core-Based Statistical Area (CBSA). A CBSA is either a Metropolitan or Micropolitan Statistical Area.
For example, if the proposed population threshold of 10 million is approved, this would allow an FCU to serve a statistical area as a well-defined local community (WDLC) with a population that is greater than the population of 41 states and the District of Columbia.”
Read the full article from Credit Union Watch here.
