NCUA FOM – In rural areas, does the ‘ability and intent’ to serve dictate that there must be a physical building? One of our counties has a population of only 250 people.

Compliance > NCUA
Q:  In rural areas, does the ‘ability and intent’ to serve dictate that there must be a physical building?  One of our counties has a population of only 250 people.
 
A:  No.  However, a credit union requesting a charter for a sparsely populated area must show how it will serve the area.  The ability and intent to serve can be supported in a variety of ways beyond a branch office, including remote services, ATM network participation, mobile branches, shared branching, and how the nearest city housing a credit union service facility can serve and provide services to the sparsely populated areas of the rural community. 
 
     
 
ADDITIONAL INFORMATION:
This information was obtained from the NCUA’s website, Chartering and Field of Membership Resources page -    https://www.ncua.gov/services/Pages/field-of-membership-chartering.aspx
 

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