Letter to Federal Credit Unions
(20-FCU-03)
Amended Field of Membership Application Requirements for
Combined Statistical Area and Core-Based Statistical Area
Dear Boards of Directors and
Chief Executive Officers:
On October 14, 2020,
amendments to the NCUA’s chartering and field-of-membership rules (12
CFR Part 701 Appendix B) will go into effect. These changes will allow a
credit union applying for NCUA approval of a community charter, expansion, or
conversion to designate a Combined Statistical Area (CSA) or an individual,
contiguous portion of a CSA as a well-defined local community (WDLC) if the
area has a population of 2.5 million or less.
Beginning October 14, 2020,
prospective and existing federal credit unions seeking a community charter
may use a CSA or portions of a CSA (within certain limitations, as defined in
the rule) as a basis for defining their proposed service area without
documenting how a CSA’s residents interact or share common interests. The
Board’s approval of this final rule will facilitate greater access to safe
and affordable financial services for all Americans.
Read
the Letter to Federal Credit Unions
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