ALEXANDRIA, Va.–Credit unions have until Feb. 8 to submit comment on NCUA’s field of membership proposal.
The proposal contains a number of changes CUNA advocated for, including:
- Allowing rural districts to be comprised of up to one-million residents by changing the standard used to measure it (up from the current 250,000).
- Allowing a congressional district to be considered a "well-defined local community" to support a community charter application.
- Eliminating a geographic limitation on trade, industry or profession charters for federal credit unions with associational common bond memberships.
- Streamlining the paperwork and process to allow credit unions to add groups with up to 5,000 potential members to be added to a multiple common bond federal credit union. The current rule limits these groups to 3,000 potential members.