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ALEXANDRIA, Va. — Credit unions and their representatives, as well as banks and their respective organizations, weighed in on NCUA’s proposed changes to its Field of Membership and Chartering Manual from their own unique perspectives generating dozens of comment letters.

The proposed rule would expand the list of pre-designated communities with regard to community charter applications while adding a requirement for notice and comment for those not pre-qualified and cap the time frame exempting credit unions from community documentation of previously approved areas at five years. NCUA’s proposal said it would keep the current presumptive communities while adding others to make it easier for credit unions to define a community made up of multiple jurisdictions. This would be based on the Office of Management and Budget’s definition of a core based statistical area or part thereof lacking a metropolitan division; the area must contain a dominant hub with the majority of all jobs; and the dominant area must encompass one-third of the CBSA’s total population.

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