ARLINGTON, Va.– Conversions of federally chartered credit unions to state charters is continuing in 2017, according to analysis by NASCUS.
Data show a resumption of a trend that goes back to 2012—although it was interrupted in 2016, according to NASCUS. The organization reported that three federally chartered credit unions, with combined assets of $1.4 billion, made the switch to a state charter through February. From 2012 on, NASCUS said its analysis shows 47 credit unions have switched from federal to state charters, with combined assets of $28.7 billion.
Over the same period, only 15 state credit unions (with combined assets of $2.8 billion) have made the move to a federal charter, NASCUS said.
In 2016 five state charters (with assets of $530 million) moved to a federal charter, while only four federals switched to state (with assets of $251 million), the only year in the period 2012-17 that state-to-federal conversions outdistanced federal-to-state, NASCUS said.