Search
 

Credit Union Advocates Ask NCUA to Scale Back FOM Proposal, Applaud Additional Pre-Approved FOMs

Credit unions and their representatives, as well as banks and their respective organizations, weighed in on NCUA's proposed changes to its Field of Membership and Chartering Manual from their own unique perspectives generating dozens of comment letters.

By Sarah Snell Cooke | Updated on August 14, 2007

ALEXANDRIA, Va. — Credit unions and their representatives, as well as banks and their respective organizations, weighed in on NCUA’s proposed changes to its Field of Membership and Chartering Manual from their own unique perspectives generating dozens of comment letters.

The proposed rule would expand the list of pre-designated communities with regard to community charter applications while adding a requirement for notice and comment for those not pre-qualified and cap the time frame exempting credit unions from community documentation of previously approved areas at five years. NCUA’s proposal said it would keep the current presumptive communities while adding others to make it easier for credit unions to define a community made up of multiple jurisdictions. This would be based on the Office of Management and Budget’s definition of a core based statistical area or part thereof lacking a metropolitan division; the area must contain a dominant hub with the majority of all jobs; and the dominant area must encompass one-third of the CBSA’s total population.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.