NCUA FOM – As a community chartered credit union, does our service area have to be adjacent to a MSA that is under 2.5 million people to serve it?

Compliance > NCUA
Q:  As a community chartered credit union, does our service area have to be adjacent to a MSA that is under 2.5 million people to serve it?
 
A:  Yes, the adjacent area must be contiguous to your existing community area, and the population as a whole must not exceed 2.5 million.  A credit union can add an immediately adjacent area falling outside a Single Political Jurisdiction, Core-Based Statistical Area or Combined Statistical Area.  To add the adjacent area, the credit union must develop a written narrative showing compelling evidence of interaction or common interests.    
 
     
 
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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