ALEXANDRIA, Va. – The NCUA Board approved the final Interpretive Ruling and Policy Statement limiting the adoption of underserved areas to multiple common bond credit unions over Vice Chairman Rodney Hood's objection.

The final IRPS (06-1) was modified slightly from the original proposal based on comments received from the public. Under the final rule, which has a 30-day effective date, only multiple common bond credit unions can adopt underserved areas. The new Field of Membership policy will only be applied prospectively, which means all credit unions currently serving underserved areas may continue to do so. Additionally, federal credit unions adopting underserved areas would have to place a physical presence there within two years. This is different from the proposal, which would have required a manned facility. The amendment would only exclude ATMs as a service facility, but allows for electronic kiosks or shared branches and other facilities. This too would be applied only in the future.

Hood, who just spoke at a North Carolina bankers' conference last week, was particularly harsh toward the bankers in his remarks for the record and announced, "After careful consideration and with all due respect, I will not be supporting this proposal."