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CUNA Regulatory Comment Call

March 9, 2001

Amendments to Field of Membership and Chartering Manual

EXECUTIVE SUMMARY

The National Credit Union Administration (NCUA) requests comments on an interim final rule that will permit credit unions to eliminate certain documentation for community charter applications. The interim final rule is effective March 20, 2001 and comments are due by May 21, 2001. As a result of the changes:

• Applicants need not submit documentation to establish a community that is the same as one the NCUA Board has already approved.
• Applicants need not submit documentation on the common characteristics and background of residents.
• Regional Directors now have authority to approve new community charters, expansions and conversions, regardless of the number requested, involving applicants for the same area that the Board has already determined met the community requirements.

This rule does not eliminate any of the remaining requirements necessary to process a community application. Applicants should still address safety and soundness, business and marketing plans and all other remaining requirements contained in the Manual.

Credit unions are encouraged to comment. Please submit your comments to CUNA by April 23, 2001. Please feel free to fax your responses to Associate General Counsel Mary Dunn or Assistant General Counsel Michelle Profit at 202-371-8240 or e-mail them to Mary Dunn or Michelle Profit at mdunn@cuna.com or mprofit@cuna.com.

1. Do you support reduction in the community documentation requirements for community charters when the community has previously been approved?
   
   

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2. Do you support deletion from the list of acceptable documentation the category of common characteristics and background of residents?
   
   

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3. Are there other reductions in documentation requirements or other changes in the application process for community charters you recommend that would be consistent with the requirements of the Federal Credit Union Act? Please explain.
   
   

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4. Other comments you care to make:
   
   

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