Comment period for chartering and field of membership proposal closes May 30
ALEXANDRIA, VA (April 28, 2023) — Stakeholders have until May 30 to submit comments on the NCUA’s proposed rule amending its chartering and field-of-membership rules. For more information or to submit a comment, please visit Regulations.gov.
The NCUA Board, at its February 16 meeting, unanimously approved a proposed rule that would amend the chartering and field-of-membership rules through nine changes to enhance consumer access to safe, fair, and affordable financial services, especially in under-resourced communities.
Additionally, the proposed amendments would reduce duplicative or unnecessary paperwork and administrative requirements. These proposed amendments result from the agency’s experience in reviewing field-of-membership changes, community charter conversions, and adding underserved areas, along with its study of chartering and field-of-membership issues as part of the Advancing Communities through Credit, Education, Stability, and Support (ACCESS) initiative.
The proposed rule includes a provision to allow all federal credit unions to better capture the ongoing bond between individuals within a field of membership and their immediate family members following the death of a member.
The Board is also proposing a technical clarification and correction on the process for the NCUA to review and approve the character and fitness of a prospective federal credit union’s management and officials.
The proposed rule was published in the Federal Register on February 28, 2023, and has a 90-day comment period, ending May 30, 2023.
About National Credit Union Administration (NCUA)
The NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 135 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. The NCUA also protects consumers and educates the public on consumer protection and financial literacy issues.