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InfoSight Highlight: Changes to NCUA Field of Membership Rules
Friday, July 14, 2017 7:00 AM

NCUA recently issued a final rule which modernizes existing FOM definitions for federal credit unions. This final rule was approved Oct. 27, 2016, at an open board meeting and was published to the Federal Register on Dec. 7, 2016. The final rule became effective on Feb. 6, 2017.

The final rule amends NCUA’s FOM rules to allow:

  • greater flexibility for community charters and select employee group-based credit unions,
  • increased opportunities to serve underserved areas,
  • expansion of population limits,
  • a new, streamlined application process,
  • expansion of persons eligible for membership, and more.

These changes ultimately help to improve access for consumers and allow credit unions to better serve their communities.

Source: InfoSight Compliance

Need more info on a regular basis? Check out InfoSight, your first stop when searching for compliance answers. InfoSight operates as an online compliance manual at your fingertips, containing federal and state-specific content that is accurate, concise, and detailed on a wide range of topics and issues. Subscribers are able to access easy-to-read compliance summaries, checklists for compliance, direct links to laws and regulations, frequently asked questions, and links to additional important resources, including CUNA's online compliance resource "E-Guide." As part of InfoSight, the League sends out a weekly eNewsletter highlighting regulatory changes, hot topics in compliance, and comment calls.

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