Regulator reminds of public hearing over big Florida credit union’s membership expansion plans

A reminder of a public hearing June 7 about a Florida credit union’s quest to expand its community charter was issued by its federal regulator Friday, noting that only eight presentations will be allowed at the event.

The National Credit Union Administration (NCUA) said the public hearing on the request from Dade County Federal Credit Union (FCU) to expand its existing community charter will have presenters from the credit union itself and not more than seven other interested parties. The first six interested parties that contact the agency, in writing, will be given the green light to make such presentations, the agency said.

The NCUA announced the public hearing in March. According to the agency, the $1.2 billion-in-assets Dade County Federal Credit Union wants to add residents and businesses of Broward County, Fla., to its field of membership (FOM), the term to describe the credit union’s membership criteria.

According to the agency in March, the expansion would allow the credit union to serve an area with a population of 4.6 million people. The hearing is required under a 2018 rule change, which calls for notice and public hearing when an FCU is seeking a community charter for an area with multiple political jurisdictions with a population of 2.5 million people or more.

Dade County FCU, which has the agency’s low-income designation, counted just more than 100,000 members as of Dec. 31. Its current field of membership encompasses Miami-Dade County.

NCUA said earlier this year that the credit union wants to add Broward County because “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,” the NCUA said.

The June 7 hearing starts at 1 p.m. Eastern via WebEx, according to the NCUA. Those wishing to present their views have until noon May 10 to register to be included on a list of presenters. The hearing will last no more than four hours, it said, with interested parties making presentations of no more than 30 minutes each.

NCUA to Hold Public Hearing on Community Charter Expansion Request on June 7