(September 1, 2020 4:24 PM) CP Federal Credit Union announced today its official change from a federally chartered to state chartered credit union and a change in name to CP Financial Credit Union.
Effective immediately, membership to CPFCU is now open to anyone who lives, works, worships or attends school in the entire State of Michigan. This is a significant change from the previous eligibility requirement that required members be affiliated with a designated school, organization, business or association. As part of this change, the credit union must remove “Federal” from its name and will move forward officially as CP Financial Credit Union or as regularly referred to as CPFCU or CP for short.
Chrissy Siders, President/CEO of CP Federal Credit Union stated, “These are exciting times for CPFCU as we strive to create legacy-defining moments for the people and places we serve for generations to come. The charter conversion removes roadblocks to membership and provides opportunities for future growth and long-term sustainability. The expansion allows us to bring the CP difference to a diverse population as we inspire the pursuit of a life well-lived throughout the entire great state of Michigan.”
In January, the CPFCU Board of Directors announced its intent to apply for a charter expansion that was then followed by a member vote solidly in favor of the change in July. The National Credit Union Administration and Michigan Department of Insurance and Financial Services finalized the approval effective September 1, 2020.
CP Financial Credit Union is a Jackson based credit union serving 57,000 members with 9 branches in Jackson, Ingham and Washtenaw counties.
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