CUs: Comment now on FOM proposal, added flexibility

by NAFCU Newsroom

NAFCU is seeking comment from member credit unions on the NCUA’s proposed changes to its field of membership (FOM) rule. The changes aim to make it consistent with the U.S. Court of Appeals for the D.C. Circuit’s decision in the lawsuit brought against the agency by the American Bankers Association.

In a Regulatory Alert, NAFCU highlights that the proposal:

  • would re-adopt a provision to allow an applicant to designate a Combined Statistical Area (CSA), or an individual, contiguous portion of CSA, as a well-defined local community (WDLC), provided that the chosen area has a population of 2.5 million or less;
  • further explain the elimination of the requirement to serve the Core-Based Statistical Areas (CBSA) in the NCUA’s 2016 FOM final rule; and

 

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