Chartering and Field of Membership

Title:
Chartering and Field of Membership
Subject: Chartering/FOM
Agency: NCUA
Status: Proposed rule
Summary:
The NCUA Board (Board) is proposing to amend its chartering and field of membership (FOM) rules with respect to applicants for a community charter approval, expansion, or conversion. Specifically, the Board is proposing to re-adopt a provision to allow an applicant to designate a Combined Statistical Area (CSA), or an individual, contiguous portion thereof, as a well-defined local community (WDLC), provided that the chosen area has a population of 2.5 million or less. Separately, in accordance with an August 2019 opinion and order issued by the D.C. Circuit Court of Appeals (court) with respect to communities based on a Core-Based Statistical Area (CBSA) or a portion thereof, the Board is providing further explanation and support for its elimination of the requirement to serve the CBSA’s core area as provided for in a 2016 rulemaking. In addition, the Board is proposing to clarify existing requirements and add an explicit provision to its rules to address concerns about potential discrimination in the FOM selection for CSAs and CBSAs.
FR Doc: 2019-23680
Date proposed: Oct. 24, 2019
Comments due date:

Dec. 9, 2019

Final rule effective date:
Rule compliance date:
Agency release:

Related Reg Report item(s):

Agency begins ‘phase in’ of court’s ruling allowing expanded credit union membership

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