{"id":7996,"date":"2023-03-31T16:47:10","date_gmt":"2023-03-31T22:47:10","guid":{"rendered":"https:\/\/www.dncu.com\/?p=7996"},"modified":"2024-07-19T12:08:52","modified_gmt":"2024-07-19T18:08:52","slug":"federal-charter-vote","status":"publish","type":"post","link":"https:\/\/www.dncu.com\/es\/blog\/federal-charter-vote\/","title":{"rendered":"Federal Charter Vote"},"content":{"rendered":"

Del Norte Credit Union (DNCU) Board of Directors unanimously recommends to the member-owners of Del Norte Credit Union to change our field of membership from a state-chartered credit union to a federally chartered credit union. This proposal will be acted upon at the annual meeting of the membership on May 11, 2023 by 6:15 pm MT when the voting will be closed. <\/strong><\/p>\n

As a member-owner, we are asking our eligible members to complete a ballot that will be in the March 2023 Quarter end statement. The paper ballot will be included in all paper statements, paper ballots must be mailed in the envelope provided in their statement. If you would like to vote securely online, please follow the link below.<\/p>\n

Link to vote:<\/span> https:\/\/dncu.cuballot.com<\/a><\/p>\n

Members who receive estatements will receive a copy of the same ballot but not the reply envelope, so you may vote electronically.<\/p>\n

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We understand you may have questions, please see the FAQs below:<\/p>\n

What is Del Norte\u2019s current membership eligibility under a state charter?<\/strong><\/p>\n

Our current membership eligibility includes persons living or working in: Los Alamos, Santa Fe, Rio Arriba, Sandoval, Taos, Colfax, Union, Harding, Mora, San Miguel, Torrance, Guadalupe, Quay, or Chaves Counties, New Mexico; persons in contiguous states that are living or working within 150 miles of Raton, subject to the rules and regulations of those contiguous states. Employees of the Los Alamos National Laboratory and members of the Del Norte LOV Foundation are also eligible to join.<\/p>\n

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Why is Del Norte proposing this change?<\/strong><\/p>\n

DNCU\u2019s mission is to improve lives of the people in the communities we serve. Our membership eligibility is restricted to a small number of counties in New Mexico under the state charter. Converting to a federal charter will\u00a0<\/strong>allow us to expand our field of membership and improve more lives.<\/p>\n

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Are there any member benefits of converting from a state-chartered credit union to a federally chartered credit union?<\/strong>\u00a0<\/strong><\/p>\n

Updating our charter will not impact individual members. In fact, expansion will help us serve more people and communities, because converting to a federal charter will allow us to apply for two new designations: Low-Income Designation and Community Development Financial Institution (CDFI) Certification:<\/p>\n

1. Low-Income Designation: A credit union can be designated low income when a majority of the credit union\u2019s potential or actual membership qualifies as low income, meaning their family income is 80% or less than the median family income for the metropolitan area where they live or for the national metropolitan area, whichever is greater. The term \u201clow-income members\u201d also includes those members enrolled as students in a college, university, high school, or vocational school.<\/p>\n

2. Community Development Financial Institution (CDFI) Certification: Credit unions certified as CDFIs are eligible to apply for awards through a variety of programs administered by the CDFI Fund. These awards enable CDFIs to finance a wide range of activities, including:<\/p>\n