The National Credit Union Administration (NCUA) has released its ninth round of proposed regulatory relief, continuing its Deregulation Project aimed at reducing unnecessary burden while maintaining safety and soundness. View the full NCUA notice
This latest round focuses on chartering and field of membership (FOM) requirements.
What’s Included
The proposal would update rules related to associational groups by removing an automatic disqualification that exists today.
- Proposed Change: Credit unions would no longer be automatically denied the ability to serve an association simply because membership requires the purchase of a product or service. Instead, NCUA would apply a holistic, case-by-case evaluation.
- Impact on Credit Unions: This change would provide greater flexibility for single associational groups and multiple common bond federal credit unions, allowing expanded membership opportunities without being limited by outdated criteria.
Why it Matters
This proposal removes an overly burdensome and outdated barrier to field of membership growth while preserving NCUA’s ability to evaluate applications based on structure and risk.
Make Your Voice Heard
Luminate encourages member credit unions to take part in the comment process. Public comments on this proposal are expected to be due around June 7.
Credit unions are encouraged to:
- Review the proposed deregulation changes
- Submit comments directly through the NCUA rulemaking process
- Utilize America’s Credit Unions Regulatory Comment Alerts to stay informed and access resources
- Share feedback and real-world examples with Luminate
Please send your input to advocacy@luminate.coop