Mon, Jul 13, 2015
The NCUA has updated the Field of Membership to include – effective July 6, 2015 – automatic approval of 12 categories of associations:
- Alumni associations;
- Religious organizations, including churches or groups of related churches;
- Electric cooperatives;
- Homeowner associations;
- Labor unions;
- Scouting groups;
- Parent-teacher associations organized at the local level to serve a single school district;
- Chamber of Commerce groups (members only, not employees of members);
- Athletic booster clubs whose members have voting rights;
- Fraternal organizations or civic groups with a mission of community service whose members have voting rights;
- Organizations with a mission based on preserving or furthering the culture of a particular national or ethnic origin; and
- Organizations promoting social interaction or educational initiatives among persons sharing a common occupational profession.
If your federal credit union (FCU) serves associations in your field of membership, or is contemplating doing so, you will benefit from the new NCUA guidance describing its modernized associational common bond rule. Additional information may be found in the recent NCUA Letter to Federal Credit Unions, just issued this month.