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Video coverage is online now, showing the NCUA Board's October deliberations and action on a final field-of-membership rule and new proposed rule furthering FOM community charter options for federal credit unions.

Comments on the proposed measures are due to the NCUA by Dec. 9; NAFCU members can review the association's Regulatory Alert for more information. The final FOM rule is set to take effect 60 days after publication in the Federal Register; a Final Regulation is available for review for NAFCU members.

The NCUA's finalized FOM rule includes several NAFCU-sought provisions, including a revised definition of "well-defined, local community" to include combined statistical areas and portions of core-based statistical areas, and the expansion of the definition of TIP ("trade, industry or profession") to include employees of entities with a strong dependency relationship with entities in the same industry.

The new proposal, in provisions also sought by NAFCU, would raise the population cap for well-defined communities from 2.5 million to 10 million and allow credit unions seeking community charter expansions to present a narrative as to why certain areas would qualify for inclusion.

NAFCU will continue to push the NCUA to give more FOM relief, including the elimination or increase of core-based statistical area population limits, the creation of a formal notification process for credit union FOM-related applications and the streamlining of the merger authorization process.

The NCUA Board in October also issued:

• a final rule re-naming NCUA's consumer office as the Office of Consumer Financial Protection and Access;
• a final rule adjusting civil monetary penalties for inflation; and
• an interagency proposed rule to implement the private flood insurance requirements for loans in special flood hazard areas.

Also shown is video from the NCUA's October budget briefing, at which NAFCU President and CEO Dan Berger emphasized the association's continued concerns about the NCUA's ever-increasing budget, calling the pace of growth unjustified and urging the agency to find cost savings wherever possible.