ALEXANDRIA, Va.–NCUA has published a new letter that clarifies several questions related to its recently passed rule on adding groups or underserved areas to fields of membership.
Specifically, the agency said ownership requirements related to shared locations are the only change made for multiple common bond federal credit unions adding groups or underserved areas.
NCUA said that under the rule change, passed in late December 2021, all other requirements under its final rule on the definition of a service facility related service facilities, eligibility of groups, and the qualification of underserved areas remain “unchanged” under the new rule.
NCUA further wrote that the rule, amended the definition of a “service facility” for multiple common-bond FCUs states that shared locations are service facilities for additions of groups by the FCUs regardless of whether the credit union has an ownership interest in the shared branching network providing the locations.
Additional Info
“Shared locations, including electronic facilities offering required services such as video teller machines, are also service facilities for purposes of multiple common-bond federal credit union additions of underserved areas, regardless of whether the federal credit union has an ownership interest,” the agency noted in the letter.
The full letter can be found here.
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