National Credit Union Administration May 2014 – Federal Register Recent Federal Regulation Documents

Sunshine Act; Notice of Agency Meeting
Document Number: 2014-11605
Type: Notice
Date: 2014-05-19
Agency: National Credit Union Administration, Agencies and Commissions
Chartering and Field of Membership Manual
Document Number: 2014-09812
Type: Proposed Rule
Date: 2014-05-01
Agency: National Credit Union Administration, Agencies and Commissions
The NCUA Board (Board) proposes to amend the associational common bond provisions of NCUA's chartering and field of membership rules. Specifically, the amendments establish a threshold requirement that an association not be formed primarily for the purpose of expanding credit union membership. The amendments also expand the criteria in the totality of the circumstances test, which is used to determine if an association, which satisfies the threshold requirement, also satisfies the associational common bond requirements and qualifies for inclusion in a federal credit union's (FCU) field of membership (FOM). The amendments will help to ensure FCU compliance with membership requirements. Additionally, NCUA proposes to grant automatic qualification under the associational common bond rules to certain categories of groups that NCUA has approved in the past after applying the totality of the circumstances test.