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.