NCUA makes improvements to FOM online application

<p>ALEXANDRIA, Va. – NCUA recently issued a Letter to Federal Credit Unions (02-FCU-08) announcing updates to the online field of membership (FOM) expansion application. While the FOM Internet Application is optional, the agency encouraged its use to save time for all involved and for the credit union to receive an immediate electronic response. The enhanced online application facilitates expansion by offering updated FOM wording selections with descriptions, the ability to add corporate accounts, and the ability to request a credit union’s FOM by e-mail. Since its implementation, over 8,400 select groups with more than 485,000 potential members have been added through this process. Nearly 50% of credit unions expanding by select groups of 500 potential members or less are currently employing the Internet application. The letter includes detailed information and instructions for using the new version, useful tips, and frequently asked questions.</p>