Fields of Opportunity

The NCUA’s modernized field-of-membership rule offers federal credit unions room to manage growth

Fields of OpportunityThe ink was barely dry on the NCUA's new field-of-membership (FOM) rule when the Sioux Empire Federal Credit Union's board of directors considered how to capitalize on it during a strategic planning session.

The rule, which allows eligible credit unions to serve larger communities, meant the 10,000-member Sioux Empire FCU could now market its financial services well beyond the four counties surrounding Sioux Falls, S.D.

"Having this chance to expand credit union access to thousands of people across our state is clearly a good thing," says Jeff Jorgensen, the president of Sioux Empire FCU since 1991. "Residents of South Dakota should have access to member-owned financial cooperatives in the same manner as residents of highly populated communities, too. This is indeed a step in the right direction for my fellow South Dakotans."

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From the May-June issue of The NAFCU Journal.