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Article: In Narrow Vote, NCUA Sets Bar On Community FOMs.(National Credit Union Administration)(fields of membership)
- Article from:
- Credit Union Journal
- Article date:
- March 19, 2007
- Author:
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ALEXANDRIA, Va. -- For the second time in two months, the NCUA Board last week set a hard-and-fast standard on community fields of membership, barring two Ohio credit unions from serving almost 2 million people surrounding Cincinnati.
But the vote passed narrowly, two-to-one, to reject requests from CinFed FCU and Emery FCU for charters covering eight counties in the three-state region (Ohio, Kentucky and Indiana), because the disperse area does not meet NCUA requirements that a community FOM be "well-defined" and "local."
Last week's ruling came just three weeks after the NCUA Board rejected a request from Del-One FCU to serve the 800,000 residents of ...