<p>WASHINGTON-NCUA announced recently that it has made improvements to the Internet-based field of membership (FOM) expansion request form. The action was announced in Letter to Federal Credit Unions 02-FCU-08, updating letter 00-FCU-02 from November 2000, and is available at NCUA’s Web site (www.ncua.gov). “While use of the FOMIA is optional, I encourage you to utilize the application to the extent possible,” NCUA Chairman Dennis Dollar said in the letter. “The FOM application form takes about 10 minutes to complete and enables you to receive an immediate electronic confirmation of the action taken.” After the agency approves the application, the credit union’s board of directors can move to immediately begin serving the group. Over 8,400 select groups with more than 485,000 potential members have been added via the Internet process, according to the letter. Nearly 50% of credit unions adding select groups of 500 or less do so using the Internet application.</p>

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.