WASHINGTON-Starting May 15, credit unions can begin taking advantage of NCUA's most recent updates to the Chartering and Field of Membership Policies (IRPS 03-01). The rule was issued with an effective date of 30 days after publication in the Federal Register, which happened April 15. The rule, popular with credit unions but reviled by banks and their organizations, will allow single sponsor credit unions to adopt a TIP, or trade, industry, or profession, FOM; changes the definition of a service facility to include wholly-owned ATMs, except for low-income credit unions; presumes certain community definitions for community charter conversions; and eliminates overlap protection, among other things.
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