COMMENT CALL: NCUA Proposed Rule on Chartering & Field of Membership of Community CUs

CUNA
December 30, 2009 | COMMENTS

The National Credit Union Administration (NCUA) Board has adopted a proposed rule to make changes to its policies on federal community credit union application and field of membership (FOM) expansion.

Key among the changes are proposed objective and quantifiable criteria to assist credit unions and NCUA in determining whether a local community exists for the purpose of charter and FOM applications.

The proposal would define the term, "rural district," and would clarify NCUA's marketing plan requirements for credit unions converting to or expanding their community charters.

Also, the proposal would provide a definition of the term, "in danger of insolvency" for purposes of allowing mergers between two credit unions with dissimilar fields of membership.

CUNA will be working with its Community Credit Union Committee and Federal Credit Union Subcommittee to develop our comment letter. Comments are due to NCUA by March 1, 2010; please submit your comments to CUNA by February 10, 2010.

Please feel free to e-mail your responses to Senior Vice President and Deputy General Counsel Mary Dunn at mdunn@cuna.coo. You may also contact Mary Dunn at 800-356-9655, ext. 6736, if you have questions. Click here to access the proposed rule.

> Read the Full Comment Call at CUNA.org

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