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Removing Barriers Blog

Field of Membership Rule Published in the Federal Register
Posted December 10, 2015 by CUNA Advocacy

Today NCUA’s proposed field of membership (FOM) rule was published in the Federal Register.  Although the proposed rule was approved at NCUA’s November open board meeting, the Federal Register document serves as official notice and starts the 60 day comment period.  Comments will be due to the NCUA by February 8, 2016.

NCUA’s proposed FOM rule would provide extra flexibility for federal credit unions of all federal charters.  These changes should give federal credit unions additional flexibility in determining areas and people to serve that are not available in the current regulation. The proposed rule would make many changes that CUNA requested in a June 2015 letter to NCUA.  

CUNA has prepared a detailed summary to help credit unions parse through the proposed rule to determine how it would impact them.  We encourage all credit unions to review the proposed rule and comment to NCUA.  CUNA has developed an FOM resource page to help credit unions wade through the proposed rule and to comment to the NCUA.  CUNA has been working with credit unions, leagues and other stakeholders to provide important feedback to NCUA on FOM and will continue these efforts through the comment period.