NCUA finalized a field-of-membership (FOM) rule Thursday allowing credit unions the option to submit an application to serve a well-defined local community exceeding 2.5 million people under a narrative approach, among other changes. CUNA strongly supports NCUA’s FOM modernization efforts, through this final rule and the one finalized by NCUA in October 2016.
“NCUA has once again acted within its statutory authority to modernize field-of-membership regulations, and we strongly support them in these efforts,” said CUNA President/CEO Jim Nussle. “We thank NCUA for continuing its work to ensure consumers have access to not-for-profit, member-owned financial institutions, despite bankers’ efforts to deprive them of that choice.”
Under the rule, the board will allow the option for an applicant to submit a narrative to establish the existence of a well-defined local community instead of limiting the applicant to a presumptive statistical community. Read more.
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