WASHINGTON (4/29/14)--The Credit Union National Association is seeking credit union comment on proposed amendments to credit union chartering and field of membership rules regarding associational common bond requirements.
The National Credit Union Administration at last week's open board meeting proposed amendments to its chartering manual which, in part, would expressly establish a threshold requirement that an association must not be formed primarily for the purpose of providing credit union membership.
If approved, the rule would expand the criteria for considering whether an association meets NCUA's requirements to be added to a federal credit union's field of membership.
If an association satisfies the common bond requirements based on a totality of the circumstances, the group qualifies for inclusion in the federal credit union's field of membership.
Comments are due to the agency 60 days after the plan is published in the Federal Register. The plan is expected to be published soon.
For the CUNA comment call, use the resource link.