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Following NCUA’s recent rule change IRPS 06-01, I am constantly asked if this new regulation sounds the death knell for federal credit union underserved area adoptions. Sorry, but I refuse to join the funeral procession for credit union outreach to underserved areas–a mainstay that has provided the backbone of NCUA’s Access Across America initiative for over half a decade.

Adopting underserved areas remains a viable growth and diversification strategy for multiple common bond SEG-based credit unions. Although the new rule will indeed restrict federal community credit unions going forward in their desire to serve the residents of underserved areas outside their approved communities, the opportunities for federal SEG-based credit unions to adopt underserved areas have now been clearly reaffirmed through this new regulation. The value benefits in adding underserved areas to a multiple group federal credit union charter are numerous.

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