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NCUA Announces Feb. 1 Webinar on FOM Rule
Thursday, January 12, 2017 6:50 AM

The NCUA will host a webinar on its upcoming field-of-membership (FOM) rule Feb. 1, five days before the rule becomes effective on Feb. 6. The NCUA finalized its FOM rule and proposed another at its October board meeting.

The free webinar is scheduled to begin at 1 p.m. (CT). The NCUA has also posted the text of the rule, as well as a comparison chart detailing the changes from the previous rule.

Registration is now open.

The final rule is designed to facilitate consumer access to credit unions and provide credit unions with more flexibility. Specifically, it allows a federal credit union to be able to apply to serve combined statistical areas, subject to a population cap of 2.5 million, and increases the rural district population limit to 1 million, up from the previous 250,000, among other changes.

The proposal would make additional changes, including increasing the population cap to 10 million and reinstates a full narrative approach.