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As credit unions consider opportunities to continue growing and serving more of their community, NAFCU's Jennifer Aguilar addresses frequently asked questions related to federal field of membership (FOM) regulations in a new Compliance Blog post.

Aguilar, NAFCU's senior regulatory compliance counsel, notes that the NCUA's FOM rules only apply to federally-chartered credit unions and recommends state-chartered credit unions review state laws and guidance from their respective state regulator.

Here are the questions Aguilar answers in the blog:

1. We are a multiple common bond credit union with a number of Select Employee Groups (SEGs) and associations in our field of membership. Do customers of these businesses or associations qualify for membership?
2. What information does NCUA require credit unions to collect to prove a potential member lives, worships, volunteers or works in our community?
3. Our credit union has a community charter. We have developed a great relationship with a large company located in the adjacent county and want to allow their employees to be eligible for membership. Can we add the company as a SEG to our current charter?

Read Aguilar's detailed explanations and access cited resources here.

Those interested can sign up to receive new NAFCU Compliance Blog posts in their inbox every Monday, Wednesday and Friday by clicking here. The association's new Compliance, Risk & BSA Network is also a great member-only resource where compliance professionals share insights and information on various issues.