February 24, 2023

NAFCU Reg Alert details NCUA’s FOM proposal

NCUANAFCU sent members a Regulatory Alert Thursday, detailing the NCUA’s proposed rule to reform several of the agency’s field of membership requirements (FOM) and definitions. The NCUA Board unanimously approved issuing the proposal during its February meeting. 

The Regulatory Alert highlights NAFCU-sought changes in the rule to expand membership eligibility to all immediate family and household members of a deceased member. The proposal also aims to enhance consumer access to financial services while reducing administrative burden and streamlining the application process for prospective members.

“This proposal to, among other things, improve field of membership application processes by eliminating unnecessary and duplicative paperwork requirements will improve credit unions’ ability to add underserved areas,” stated NAFCU President and CEO Dan Berger after the meeting last week. “Additionally, the proposed changes to address the survivorship issue is a compassionate move to ensure no credit union member’s family has unnecessary burdens to manage when a loved one passes away.”
Credit unions are encouraged to submit comments to NAFCU; comments are due to the NCUA 90 days from its publication in the Federal Register. Subscribe to receive Regulatory Alerts in your inbox.