NCUA’s New Field of Membership Service Facility Rule: What Opportunities Does it Provide For My Credit Union?
December 15, 2021
In November 2021 the NCUA Board unanimously approved a final rule that revises the definition of a service facility for federal credit unions contained in the NCUA’s Chartering and Field of Membership Manual. Many states are following suit with their state chartered credit unions. This was welcomed news by the credit union industry because, regardless of charter type, FOM policy still matters for every credit union in America that wants to grow. After all, new income requires new loans which require new accounts which require new members which require more eligible members which require more field of membership opportunity.
The daisy chain of credit union financial success begins with field of membership. And expansion opportunities could potentially be more abundant due to the change in the service facility definition.
Every credit union needs to know the inside and out of what this new rule authorizes to help your credit union expand its field of membership. And what it doesn’t authorize. Knowledge of the new rule and its provisions will be key to your FOM growth strategy.
As leading experts in credit union field of membership and how service facilities fit into the process, former NCUA Chairman Dennis Dollar and former NCUA Chief of Staff Kirk Cuevas walk attendees through the practical implications of the new service facility rule and how it impacts the expansion options available to credit unions in the current environment.
Click on the video below to view this highly informative webinar on NCUA’s new field of membership service facility rule.