Roshara J. Holub, President/CEO
New Mexico Credit Union League
9426 Indian School Road NE
Albuquerque, NM 87112-2843
Dear Ms. Holub:
You ask whether a CUSO organized as a limited partnership is within
the field of membership of each of the CUSO's limited partner
FCUs through the "organization of such persons" FCU
charter provision. No, a limited partnership CUSO is not within
the field of membership of each FCU that is a limited partner
of that CUSO unless the limited partnership CUSO has been added
to each FCUs' field of membership by a charter amendment. This
answer also applies to the CUSO's employees, who can not be served
by an FCU unless the charter amendment incorporating the CUSO
into the FCU's charter includes both the CUSO and its employees.
A limited partnership CUSO is an independent partnership organized
under relevant state law and not a division or department of an
FCU. 12 C.F.R. §701.27(a) and (d)(2)(ii). The phrase "organization
of such persons" in an FCU's charter is focused on natural
person members, such as individuals and their families, and not
upon nonnatural person members, such as corporations and limited
partnerships. NCUA Interpretive Ruling and Policy Statement No.
94-1, Chartering and Field of Membership Policy, §§II.B.1
and II.E, 59 Fed.Reg. 29066 at 29076 and 29079 (June 3, 1994).
Therefore, a limited partnership CUSO is not an "organization
of such persons" as that term is interpreted by NCUA.
Sincerely,
Sheila A. Albin
Associate General Counsel
GC/MSC:sg
SSIC 6010
97-1048
cc: Region V