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Federal Community Charter to Multiple Common Bond Checklist

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A federal credit union may be chartered to serve a combination of distinct, definable single occupational and/or associational common bonds, as well as underserved areas. This type of credit union is called a multiple common bond credit union.

Each group in the field of membership must have its own occupational or associational common bond. For example, a multiple common bond credit union may include two unrelated employers, or two unrelated associations, or a combination of two or more employers or associations. Additionally, these groups must be within reasonable geographic proximity of the credit union.

Additionally, multiple common bond credit unions can add underserved areas to their field of membership. Underserved areas allow anyone who lives, works, worships, studies, and businesses in the area become eligible to join the credit union. Counterintuitively, it is often possible to draw multiple underserved areas in a way that it covers everything community chartered credit unions can obtain and more.

A federal multiple common bond charter is generally the most flexible charter for credit unions that want to cross state lines, merge with other credit unions, or acquire banks.

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