Credit unions make strides as NCUA board approves revised FOM rules
Yesterday, the NCUA board approved a final field-of-membership rule to provide credit unions with more flexibility to define communities and that will facilitate consumer and small business access to credit union financial services.
CUNA president/CEO Jim Nussle wrote, “This win is clear evidence that when the movement works together – in a coordinated, forward-looking, and dedicated manner – we can truly move the needle with our regulators and lawmakers. Make no mistake: This enormous victory did not come about without a tremendous amount of hard work by CUNA and the Leagues – working together on credit unions’ behalf as your strongest advocate in Washington and beyond.”
Briefly, the final rule will implement changes in policy affecting:
- 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
- The process for applying to expand membership in a federal credit union.