The New NCUA FOM Rules After the Positive Supreme Court Decision: What Do They Mean For My Credit Union?
August 26, 2020
In June 2020 the United States Supreme Court upheld the October 2016 NCUA approved final rule to amend and revise the agency’s field of membership (FOM) rules and regulations. After almost four years of uncertainty due to legal challenges, there is now clarity on what FOM options are available for credit unions. This is welcomed news by many 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.
As leading experts in credit union field of membership, former NCUA Chairman Dennis Dollar and former NCUA Chief of Staff Kirk Cuevas walk attendees through the field of membership diversification options available to credit unions in the current environment, including the provisions again in effect at NCUA.