The NCUA’s final field-of-membership (FOM) rule was published in the Federal Register Wednesday, making it effective Feb. 6. The rule, finalized by the NCUA board in October, facilitates consumer access to credit unions and provides credit unions with more flexibility.
CUNA President/CEO Jim Nussle praised the NCUA for modernizing FOM regulations. The final rule contains a number of CUNA suggestions.
The final rule will implement changes in:
The NCUA proposed additional FOM clarifications in October, including a number of changes suggested by CUNA. These include expanding to a 10 million person population limit and using the full narrative approach.
Comments on that proposal are due to the NCUA Dec. 9