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The NCUA Board will consider finalizing its revised field-of-membership rule during its Oct. 27 open board meeting, which will begin earlier than usual – at 9 a.m. Eastern – according to the agenda released Thursday. The board will also vote on a new proposal on field of membership.

NCUA issued an FOM proposal last November that would make substantive changes affecting the common-bond requirements associated with community, multiple-group, and trade, industry or profession charter types. It represents the first major revamp on these charter types in more than 10 years. NCUA in August said it had completed its review of the 11,000 comments the agency received on the proposal.

NAFCU expressed support for the proposal but has urged that more be done to give the industry regulatory relief, including: eliminating or increasing the core-based statistical area population, establishing a formal notification process for credit unions making FOM-related applications, and considering new ways to efficiently authorize mergers.

The board's open meeting agenda next week also includes a briefing on supplemental capital, a final rule adjusting civil money penalties, an interagency proposal on flood insurance and a name change for the Office of Consumer Protection.

At 2 p.m. Eastern, the board will open a two-hour public budget briefing. In discussion draft budgets for 2017 and 2018 released last Friday, the agency projects $299.2 million and $313.1 million in spending, respectively, for those years; those work out to budget increases of 2.8 percent, year-over-year, for 2017 and 4.6 percent, year-over-year, for 2018. NAFCU is reviewing the documents and will participate in the briefing.