Field of Membership

Strengthening the federal charter and pursuing regulatory relief for federal credit unions is at the core of NAFCU's advocacy efforts.



Our Position

We believe that in order for credit unions to compete in a 21st century economy, the federal charter must keep pace with changes in state laws, technology, and the financial services industry. While we acknowledge that legislation is necessary to relax aspects of the Federal Credit Union Act's limitations on chartering, we firmly believe that NCUA can enact constructive regulatory relief by streamlining its chartering and field of membership (FOM) procedures, as well as removing all non-statutory constraints on FOM chartering and expansion.

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How This Impacts You

The credit union industry’s dual chartering system works best when the state and federal charters keep pace with each other. However, several states have been much more progressive in modernizing their FOM rules to recognize today’s dynamic and ubiquitous marketplace. As a result, the industry has seen multiple credit unions convert to state charters because of their inability to grow under the federal charter.

What NAFCU is doing

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