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Organization and Operations of Federal Credit Unions

NCUA · final-rule · Published 2006-06-28 · Effective 2006-07-28 · 71 FR 36667

Document

Document number
E6-10134
Federal Register citation
71 FR 36667
CFR reference
12 CFR 701
Type
Rule
Action
Final rule.
Category
final-rule
Agency
US National Credit Union Administration
Publication date
2006-06-28
Effective date
2006-07-28

Abstract

NCUA is amending its field of membership rules regarding service to underserved areas to limit underserved area additions to multiple common-bond credit unions and revise facility requirements for underserved areas. These amendments are being made after a comprehensive review of chartering policy based upon NCUA's experience addressing field of membership issues and the uncertainty resulting from recent litigation challenging service to underserved areas in Utah and the current ambiguity in the Federal Credit Union Act on this issue. This final rule will ensure continued reliable and efficient service to federal credit union members located in approved underserved areas and continue to allow multiple common-bond credit unions to add underserved areas to their charters. The final rule generally adopts the amendments as proposed. In addition, the final rule retains the definition of service facility as a credit union owned facility where shares are accepted for members' accounts, loan applications are accepted, and loans are disbursed.

Source

Authoritative
Federal Register document
Machine
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