ALEXANDRIA, Va.—Credit unions have less than a month to submit comments to NCUA on the agency’s new field-of-membership proposal, which was published in Tuesday’s Federal Register. The deadline is Dec. 9
Specifically, the proposed rule would:
- Raise the current population cap for a “well-defined local community” from 2.5 million people to 10-million.
- Allow the use of a narrative approach to create a new well-defined local community.
- Correct an error in the final rule that inadvertently restricts fields of membership inside core-based statistical areas to not more than 2.5 million people in a metropolitan division, rather than the core-based statistical area.
The proposed rule also asks questions about possible alternative approaches to field-of-membership, the agency said.