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News Now

Washington
Community charter FOM manual on NCUA slate
WASHINGTON (6/11/10)--The National Credit Union Administration (NCUA), at its upcoming board meeting at 10 a.m. ET next Thursday, will discuss the final version of recently proposed changes to its chartering and field of membership (FOM) policies. The FOM changes, which were proposed late last year, would set objective and quantifiable criteria to determine the existence of a well-defined local community for areas that encompass multiple group areas. A new, objective definition for rural districts was also proposed at that time. The Credit Union National Association (CUNA) in comments submitted to the NCUA earlier this year opposed the proposal, recommending that the NCUA provide more leeway for applications involving multiple political jurisdictions and rural districts. CUNA also strongly opposed FOM changes that would prevent credit unions from demonstrating a community is present through the use of narrative information. Other topics of discussion will include the delegation of chartering authority and a proposed rule addressing the NCUA’s requirements for insurance, interest rate risk policies and programs. The NCUA also will discuss the accounting standards, the payment of insured shares, and assessments related to its Temporary Corporate Credit Union Stabilization Fund will have its monthly report on the status of its National Credit Union Share Insurance Fund during the meeting. During the closed portion of the meeting, the NCUA will discuss supervisory activities. For the full NCUA release, use the resource link.
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