National Credit Union Administration December 2, 2008 – Federal Register Recent Federal Regulation Documents

NCUA is adopting a final rule implementing four modifications to its Chartering and Field of Membership Manual to update and clarify the process of approving credit union service to ``underserved areas.'' First, the rule clarifies the procedure for establishing that an ``underserved area'' qualifies as a local community. Second, it makes explicit the process for applying the economic distress criteria that determine whether an area combining multiple geographic units is sufficiently ``distressed'' to qualify as ``underserved.'' Third, it updates the documentation and clarifies the scope requirements for demonstrating that a proposed area has ``significant unmet needs'' for loans and financial services. Finally, the rule utilizes data provided by NCUA on the location of depository institution facilities to determine whether an area is ``underserved by other depository institutions'' according to the presence of their facilities within the area.