A notice and ballot will be sent to all eligible members. Credit unions that are state chartered have more flexibility to expand and grow.ĭo members have to approve the change from federal to a state charter? Additionally, state chartered credit unions must comply with rules and regulations from certain federal agencies. Under a federal charter, growth is constrained, limiting membership expansion.įlorida state chartered credit unions are regulated by the Florida Office of Financial Regulations, which regulates all Florida state chartered credit unions and other financial institutions for compliance with the laws and regulations of the State of Florida. What is the difference between a state and federally chartered credit union?įederally chartered credit unions are regulated by the National Credit Union Administration (NCUA). Measured growth will allow us to continue to offer competitive rates on savings and loan products, as well as to continue to improve the technology and services we offer, so that we can remain competitive in the marketplace and provide our membership with exceptional service.The current federal charter limits our ability to grow into new counties. The credit union will have greater flexibility to expand service beyond the current markets we serve today, positioning the credit union for the future.Emphasizing local rather than national focus on issues which are in the best interest of our credit union and our members. Regulators are located in Tallahassee, and the laws and regulations are specifically designed to address the needs of Florida residents. The credit union will be governed by the Florida Office of Financial Regulations.The Board of Directors and management have given careful consideration to the advantages and disadvantages of converting to a state chartered credit union and believe it is in the best interest of SunState Federal Credit Union and our membership for the following reasons: Why did SunState Federal Credit Union apply for a state charter?
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