WASHINGTON, April 8 -- National Credit Union Administration has issued a proposed rule called: Chartering and Field of Membership.
The proposed rule was published in the Federal Register on April 8 by Melane Conyers-Ausbrooks, Secretary of the Board.
Summary: The NCUA Board (Board) proposes to amend the associational common bond provisions of its chartering and field of membership (FOM) rules. The proposed FOM amendment would clarify that requiring the purchase of a product or service as a condition of membership no longer automatically bars eligibility as a recognized association. The Board does not believe such an automatic bar is required under the Federal Credit Union (FCU) Act, and a client-customer relationship as a condition of mem...