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May NCUA Board Meeting with Underserved Area Final FOM Rule Canceled

ALEXANDRIA, Va. - The NCUA Board did not vote on its final field of membership changes banning non-multiple common bond credit unions from adopting underserved areas because there was dissension among the board members, according to knowledgeable sources.

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ALEXANDRIA, Va. – The NCUA Board did not vote on its final field of membership changes banning non-multiple common bond credit unions from adopting underserved areas because there was dissension among the board members, according to knowledgeable sources.

The one item that had been on the agenda was the final rule, which in proposed form banned non-multiple common bond credit unions from adopting underserved areas. The agency’s announcement was that it had been “withdrawn pending further review.” The proposed regulation also required credit unions to build branches in each underserved area.

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