The NCUA has finalized a rule which dramatically expands field of membership (FOM) regulations for credit unions. After finalizing, the regulator launched another proposal which would quadruple the FOM population limit from 2.5 million to 10 million. Additionally, this brand new proposal would allow CUs to draw up customized fields of membership instead of relying on the normal boundaries.

The NCUA finalized rule does the following:
  • apply the 2.5 million population limit to any portion of a core-based statistical area,

  • allow credit unions to serve a Combined Statistical Area, subject to the 2.5 million population cap,

  • allow rural districts to comprise 1 million people, up from 250,000, and

  • allow credit unions to serve an area adjacent to a core-based statistical area if it shows common interests or interaction between the areas.