Agency schedules webinar to explain rule change for expanding CU membership scope

A webinar providing more information for federally chartered credit unions (FCUs) on recent rule changes affecting membership regulations for the cooperative financial institutions is set for Oct. 24, the federal credit union regulator said Tuesday.

In a release, the National Credit Union Administration (NCUA) said it was hosting the webinar, which gets underway at 2 p.m. ET, to provide information on the agency’s recent field of membership (FOM) rule change which became effective Sept. 1. The change allows FCUs to serve a community based upon a narrative application which includes support for interaction and common interests among the area to be served.

NCUA said the webinar — titled “Is a Community Narrative Right for Your FCU?” – will feature staff from its Office of Credit Union Resources and Expansion (CURE) and the Office of General Counsel to discuss the new application feature, and respond to questions.

In a Letter to Federal Credit Unions (LTFCU), also issued Tuesday, the agency said the Sept. 1 rule change means federally chartered credit unions may use a written narrative to meet requirements for expanding their membership scope in a community, as long as the narrative demonstrates the institution’s ability for serve the community and intent to serve it an “all of its segments.”

Webinar on ‘well-defined, local community’ field of membership for community chartered FCUs