FOM expansion brings new challenges for CUs.

To the average person, the words field of membership carry little meaning or interest. Most would not know what FOM means or refers to. However, to many individuals engaged in the credit union industry, they are the key to future growth and success. To individuals in the banking industry they believe the words are a prelude to loss of income and infringement on their customer base.

For over 100 years in the United States, credit unions have engaged in providing financial services to an FOM approved by their state or federal regulator. This defined member base let everyone know who could join a specific credit union. The FOM could be the employees of a specific company; a community like a city, village, town or county; the members of a religious group; a fraternal group or branches of the armed services. This field became where each credit union played their game.

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