(building the) Black Rock Federal Credit Union

Update from the NCUA

Posted by Jesse Robbins

February 13th, 2007 Other posts by Jesse Robbins

I just received really helpful response from the NCUA about our earlier request for approval of our Field of Membership.

They asked us for more information about our potential member organizations, as the NCUA “cannot charter a credit union around a group simply on the basis that an association exists.”

Here’s a little more on this requirement:

“To qualify as an associational group for field of membership purposes, the group must have common interests defined as individuals participating in activities developing common loyalties, mutual benefits, and mutual interests. To show that there are common interests, each grup must demonstrate that it:

1. holds meetings open to all members at least once a year
2. sponsors activities which clearly demonstrate that the members meet and interact regularly to accomplish the association’s objectives
3. has an authoritative definition of who is eligible for membership (usually, this will be the associations charter and bylaws).”

So… What does this mean?

It means that we will probably begin with Burning Man Regional Groups like Ignition Northwest and wait to include more informal groups groups like the Theme Camps until we’re up and running.

I’ll post more a bit later… right now I’m going to head to Ignite Seattle!!!

Entry Filed under: seacompression, IgnitionNW, burningman, regulation, NCUA, credit unions, blackrockfederal, burning man, burners without borders