WASHINGTON—During a first-of-its-kind virtual public hearing hosted by NCUA, NAFCU testified in favor of a request by Dade County Federal Credit Union’s to expand its field of membership (FOM).
The trade group said the CU’s application “represents an important step towards putting modern and flexible field of membership expansion procedures into practice.”
As CUToday.info reported earlier, DCFCU is pursuing the FOM expansion through the narrative approach under the NCUA’s FOM II rule, which took effect in September 2018 and requires that a credit union explain why a particular area falls within its FOM. For statistical areas that exceed the 2.5 million population limit, a public hearing is also required.
The credit union’s current FOM covers Miami-Dade County, Fla., and its request would expand to include Broward County to the north. NAFCU Senior Counsel for Research and Policy Andrew Morris said during the hearing the counties reside within the same Metropolitan Statistical Area, according to the U.S. Census Bureau, and he further highlighted their social cohesion and economic interconnectedness.
‘Compelling Evidence’
“DCFCU has provided compelling evidence that it has both the ability and the intent to serve its requested community,” said Morris. “DCFCU has persuasively demonstrated through its application that it is able to meet the NCUA’s requirements for narrative based field of membership expansion. Accordingly, NAFCU supports DCFCU’s request to serve Broward County. We also support the NCUA demonstrating, through a straightforward approval of DCFCU’s application to join an additional county to its existing field of membership, that a narrative-based model can serve as a viable tool for helping federal credit unions grow and remain healthy.”
You Can Now Get CUToday.info’s Daily News Headlines in Your Mailbox at the Low, Low Price of Free
Are you missing out on the latest news in credit unions? Missing the trends and developments you need to be aware of? We can help. Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more.
And it’s free!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com.