Removing Barriers Blog

NCUA Removes Barrier to Field of Membership Expansion
Posted September 18, 2015 by CUNA Advocacy

CUNA’s effort to improve NCUA’s field of membership (FOM) regulation bore its first fruit last week, when NCUA Chairman Matz announced the removal of a FOM approval process barrier. 

During NCUA staff’s presentation of Charlotte Metro Federal Credit Union’s community charter application, Chairman Matz announced that NCUA is also updating procedures for FOM approval. She said that NCUA will no longer require Board approval for FOM expansion requests, which should shorten the approval process by up to 2 months.  NCUA staff will now be empowered to make these decisions without waiting for the Board. We hope that this is the first in many regulatory barriers that NCUA will remove from its FOM processes.