Letter to Federal Credit Unions (18-FCU-02) Requests to Serve a Well-Defined Local Community Using the Narrative Approach
Friday, October 12, 2018 8:55 AM

The National Credit Union Administration Board amended Appendix B to Part 701 – Chartering and Field of Membership Manual. Effective on September 1, 2018, the final rule provides federal credit unions with more flexibility on applications for community charter approvals, expansions, or conversions.

In addition to a presumptive community based on a single political jurisdiction or core based statistical area, the final rule provides federal credit unions with another option when submitting their community related applications. The federal credit union can use a written narrative, with sufficient supporting documentation, to establish the existence of a well-defined local community.  Read the Letter to Federal Credit Unions

Source:  NCUA