The NCUA sent two letters to credit unions this week, providing updates on the 2021 operating fee schedule and updated guidance and templates in an effort to assist federal credit unions seeking to convert to a community field of membership or expand their existing community field of membership.
2021 operating fee schedule. Due to the NCUA Board’s approval at its December 2020 meeting of changes to its regulations and associated methodologies for computing the annual operating fee charged to federal credit unions, as well as the resultant operating fee schedule for 2021, the agency announced that operating fees charged to federal credit unions will decrease by an average of 19.6% in 2021.
Community charter conversions, expansions. Since the board issued its previous guidance, several revisions to the Chartering and Field of Membership Manual were made to provide more flexibility to federal credit unions, including a streamlined business plan for use when applying to expand services to an area that borders a community that is currently served by a credit union, according to the agency.
The full letter regarding community charter conversions and expansions can be accessed on the NCUA website.