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Trades Interested in FOM Manual Update

The credit union trade associations expressed interest to see what NCUA might propose to update its Field of Membership and Chartering Manual to after the board earlier this month nearly denied a regional director's rejection of two community charter applications.

By Staff Writer | Updated on March 27, 2007

ALEXANDRIA, Va. — The credit union trade associations expressed interest to see what NCUA might propose to update its Field of Membership and Chartering Manual to after the board earlier this month nearly denied a regional director’s rejection of two community charter applications.

Cinfed Federal Credit Union and Emery Federal Credit Union were both denied community charters encompassing eight counties in Ohio, Kentucky, and Indiana with a population of 1.9 million people by the region at the last NCUA Board meeting. NCUA Board Member Gigi Hyland was the only dissenting vote to the regional director’s recommendation, though Vice Chairman Rodney Hood was also inclined to approve the community charters, he said there was too much ambiguity. Chairman JoAnn Johnson agreed to ask agency staff to look at clarifying the manual.

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