Conversions to states resume in first two months of ‘17

Conversions of federally chartered credit unions to state charters is continuing in 2017, with larger credit unions converting to the state charter, resuming a four-year trend going back to 2012 (but interrupted in 2016).

According to the latest charter conversion figures compiled and analyzed by NASCUS, three federally chartered credit unions, with combined assets of $1.4 billion, have made the switch to a state charter so far this year (through February). From 2012 on, the NASCUS compilation 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, the NASCUS analysis shows.

However, 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.