NCUA FOM – Does the rule allow a credit union serving one MSA to expand to a separate MSA it if can demonstrate common interests, particularly if the MSA is adjacent to our existing FOM?

Compliance > NCUA
Q:  Does the rule allow a credit union serving one MSA to expand to a separate MSA it if can demonstrate common interests, particularly if the MSA is adjacent to our existing FOM?
 
A:  Yes, if both Metropolitan Statistical Areas are part of the same Combined Statistical Area.  A proposed community may also include an immediately adjacent area falling outside of the CSA.  To include the adjacent area, the credit union must submit a narrative providing compelling evidence of interaction or common interest.  NCUA will issue guidance to help credit unions develop a written narrative. 
 
     
 
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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