NCUA's Updated FOM Internet Application Available

ALEXANDRIA, Va.-NCUA has posted its new Internet field of membership application codifying the most recent changes to the FOM regulations. At its March meeting, the NCUA Board approved its most recent amendments to the FOM chartering manual, including an increase for credit unions permitted to apply online from 500 potential members to associational and/or occupational groups of up to 2,999 potential members, as well as the non-natural person corporate account associated with that group. However, credit unions are not limited in the number of groups added per electronic request. The online FOM application allows for immediate electronic confirmation of the action taken, according to Letter to Federal Credit Unions (03-FCU-05). Following the credit union board’s approval, the credit union can begin serving the group. It has been very popular with 15,862 select groups with more than 870,000 primary potential members added via the Internet since its implementation. “Our regional offices have received positive feedback from credit unions using FOMIA. While use of the Internet application is optional, I strongly encourage you to take advantage of this expedited method of expanding your FOM,” NCUA Chairman Dennis Dollar wrote in the letter. He said that with the increased size of groups eligible to apply online that he expects those numbers to go up. The enhanced Internet application will allow credit unions to: * add groups with 2,999 primary potential members or less (increased from 500 members or less); * add associational groups; * add the new standard corporate account clause; and * access FOMIA without the need to download an NCUA certificate. The new system also includes greater security features requiring new Personal Identification Numbers, which can be obtained from the NCUA Region Offices’ individual Divisions of Insurance. All multiple common bond credit unions should expect new PINs in the mail shortly if they have not already been received. A link to the online application is available at the agency’s Web site, www.ncua.gov.