Federal Credit Union Field of Membership and Chartering Policy

Riepilogo

The NCUA Board is updating the references to federal credit union chartering, field of membership modifications and conversions. The NCUA Board is issuing amendments to its field of membership policies. One change will require senior citizen and retiree groups to meet the same conditions as other associational groups in order to qualify for a federal credit union charter or addition to an existing charter through a field of membership amendment. The Board is also issuing five amendments to clarify operational issues. The amendments clarify: The application of field of membership requirements to mergers; the streamlined expansion procedure; the documentation requirements for low-income communities; the use of surveys to support a community common bond; and appeal procedures.