NCUA FOM – Is a shared branch considered an acceptable ability to serve members as a means for a credit union to expand its field of membership?

Compliance > NCUA
Q:  Is a shared branch considered an acceptable ability to serve members as a means for a credit union to expand its field of membership?
 
A:  It depends.  If the shared branch meets the definition of a “service facility,” which is defined as a place where shares are accepted for members’ accounts, loan applications are accepted or loans are disbursed, it would qualify.  This definition includes a credit union owned branch, a mobile branch, an office operated on a regularly scheduled weekly basis, a credit union owned ATM, a video teller machine, or a credit union owned electronic facility that meets, at a minimum these requirements.  A service facility also includes a shared branch or a shared branch network if either:  (1) the credit union has an ownership interest in the service facility either directly or through a CUSO or similar organization; or (2) the service facility is local to the credit union and the credit union is an authorized participant in the service center. 
 
 
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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