Maximizing the New Field of Membership Rules & Charter Considerations

Credit unions operate in a very exclusive environment because they can only lend to members, and the field of membership (FOM) rules control who is eligible to join.  A good way to increase the bottom line is to expand the FOM, but you can’t maximize the possibilities without a thorough understanding of the options.  Fortunately, recent changes in the NCUA FOM rules allow for greater opportunity in the identification and enrollment of new members.  This session will review the revised rules with an emphasis on all the available expansion possibilities.  From increasing the number of select employee groups, to adding associations and expanding your community, to exploring merger opportunities; this informative session will address it all.

In addition, the credit union industry is fortunate to have the advantage of a dual chartering system – either state or federal.  The dual chartering system provides a choice for credit unions based on taxation, available powers, geographic concerns, accessibility of regulators, and regulatory philosophy.  A CU considering a charter conversion must understand the potential benefits, as well as any potential limitations imposed by the new regulators and regulations.  Don’t miss this opportunity for a detailed, practical review of the new field of membership rules and charter conversion options.