At its monthly meeting in June, the NCUA finalized a rule on Field of Membership (FOM).  The decision, backed by CUNA and the Maine Credit Union League, will provide consumers here in Maine and across the country greater access to credit union services.

The final rule:

  • Permits credit unions to submit a field of membership application to serve a well-defined local community exceeding 2.5 million people;
  • Allows credit unions the option to submit a narrative approach application, which the NCUA used prior to 2010, to serve a field of membership exceeding 2.5 million people; and
  • For communities subdivided into metropolitan divisions, the board permits an applicant to designate a portion of the area as its community without regard to division boundaries.

Following the rule making, Maine Credit Union League President/CEO Todd Mason released a statement praising the Board’s decision:

“We know the Field of Membership issue is of great concern to more than a few of our credit unions.  During our recent Hike the Hill visit to Washington, D.C., we discussed the Field of Membership issue and its importance with each member of our Delegation.  We also discussed it when we met with NCUA staff during that same trip.  We appreciate the NCUA Board listening to our concerns, those of CUNA and others in approving this revised rule.”

Additional information relating to FOM can be found on CUNA’s website.