person looking at expanding the consumer base on a digital map Source: Shutterstock.

The NCUA’s unanimous decision in July to approve the FOM modernization rule is expected to open a new chapter of opportunities and growth for credit unions, including small financial cooperatives and those that primarily serve minority and rural populations. Moreover, some credit union professionals are hoping the independent federal agency will consider leveraging this new rule to further expand FOMs.

This FOM rule was originally adopted by the NCUA in 2016, but legal challenges from the banking industry delayed and nearly killed it. That four-year court battle ended in June, however, when the U.S. Supreme Court denied an appeal from the American Bankers Association to review the FOM rule.

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Peter Strozniak

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