The NCUA published its field-of-membership (FOM) proposed rule in the Federal Register Wednesday, with comments due to the agency by Dec. 9. The proposal makes a number of CUNA-suggested additional changes to the FOM rule finalized by the agency at its October board meeting.
The proposed rule increases the population cap to 10 million, up from 2.5 million. It also reinstates a full narrative approach to establishing common interests among residents of an area it proposes to serve, thus qualifying it as a well-defined local community, rather than relying on a “presumptive community.”
CUNA suggested both of these changes to the agency in its comment letter on the original FOM proposal. The proposal also asks questions about possible alternatives to FOM issues.
Finally, it also corrects an error in the final rule that inadvertently restricts fields of membership inside core-based statistical areas to not more than 2.5 million people in a metropolitan division, rather than the core-based statistical area.