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NCUA’s Final FOM Rule Published, Effective Feb. 5
Wednesday, December 7, 2016 6:45 AM

The NCUA’s final field-of-membership (FOM) rule was published in the Federal Register Wednesday, making it effective Feb. 5, 2017. The rule, finalized by the NCUA board in October, facilitates consumer access to credit unions and provides credit unions with more flexibility.

CUNA President/CEO Jim Nussle praised the NCUA for modernizing FOM regulations. The final rule contains a number of CUNA suggestions, which are supported by Cornerstone. 

The final rule will implement changes in:

  • The definition of a local community, a rural district and an underserved area;
  • The expansion of options for a multiple common-bond credit union to add potential members;
  • The expansion of options available to single common-bond credit unions based on a trade, industry or profession; and
  • The process for applying to expand membership in a federal credit union.


The NCUA proposed additional FOM clarifications in October, including a number of changes suggested by CUNA. These include expanding to a 10-million-person population limit and using the full narrative approach. Comments on that proposal are due to the NCUA Dec. 9, so if you haven't submitted your letter you still have time.