NCUA FOM Comment Due This Week

In October of 2016 the NCUA board proposed a broadening of its field of membership regulation. The proposal increases the current 2.5 million population limit for communities consisting of a Core Based Statistical Area (CBSA) or Combined Statistical Area (CSA), subject to a credit union’s ability and commitment to adequately serve the area, to 10 million.

NCUA says the higher cap better anticipates and accommodates “inevitable growth” to the extent permissible by law. The proposal would also allow a credit union to submit a narrative to establish common interests or interaction among residents of the area proposed to be served. This would qualify as a well-defined local community.

Comments are due on NCUA's FOM proposal by 12/9. To review the proposal and submit comments visit CUNA's PowerComment page.

Management Minute | from the Association of Vermont Credit Unions