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CU Trades Support NCUA’s Changes to ‘Archaic’ FOM Requirements

Some changes to the FOM rule include making it easier for CUs to expand into underserved areas.

NCUA Boardroom. (Photo: NCUA) NCUA Boardroom. (Photo: NCUA)

Officials with the credit union trade organizations, CUNA and NAFCU, threw their support behind the NCUA’s proposed reforms of the field of membership (FOM) definitions and requirements that the agency announced in February.

NCUA’s proposal would make nine changes to the Chartering and FOM Manual “to enhance consumer access to financial services, while reducing duplicative or unnecessary paperwork and administrative requirements.” It would also make four changes on underserved areas that multiple common bond federal credit unions may seek to add to their FOMs. The agency believes these “changes would streamline existing application requirements and clarify the role of data and criteria that other federal agencies provide relating to underserved areas.”

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Michael Ogden

Michael Ogden

Editor-in-Chief for CU Times. To connect, email at [email protected].

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