Removing Barriers Blog

FOM Parity Granted in South Carolina
Posted September 16, 2016 by CUNA Advocacy

Last week, the South Carolina State Board of Financial Institutions (BOFI) expanded the Field of Membership (FOM) for South Carolina state-chartered credit unions. The BOFI updated state regulations to include “members of the household of a member in the credit union’s field of membership.” This change provides parity with federally chartered credit unions.

Prior to the change, the term "household" was not defined in the state statute, regulations, or operating instructions governing state-chartered credit unions in South Carolina. With support from the Carolinas Credit Union League, credit union representatives on the BOFI worked to ensure the changes provided the necessary flexibility for state-chartered credit unions.