Federal Register: FOM rule changes take effect Oct. 14

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Field of membership rule changes unanimously approved at the NCUA’s July board meeting  have been published in the Federal Register, and will take effect 30 days after publication, on Oct. 14.

The final rule revising changes to NCUA’s chartering and FOM regulations re-adopts a provision to allow applicants to designate a combined statistical area, or an individual, contiguous portion, as a well-defined local community if the chosen area has a population of 2.5 million people or less, according to the agency.

Credit unions that had their combined statistical areas removed from their FOM because of litigation will be contacted by the agency to determine if they would like those reinstated and, if so, NCUA will do so as soon as the rule is effective, according to the agency.

“The Board is taking a critical step in the NCUA’s ongoing work to allow credit unions to alleviate some of the difficulties of low-income and underserved Americans in accessing financial services,” NCUA Chairman Rodney Hood said following approval of the rule. “I often call financial inclusion the civil rights issue of our time, and this rule will help maintain and expand financial access to more Americans in rural and underserved communities.”

The next NCUA board meeting is Thursday, Sept. 17. The virtual meeting will begin at 10 a.m. and will be streamed live on the agency’s website. A recap will be provided in The New York Minute.

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