NCUA FOM – If company A is in our membership and they have contractors with less than 3,000 employees, can we add the contractor company to our FOM?

Compliance > NCUA
Q:  If company A is in our membership and they have contractors with less than 3,000 employees, can we add the contractor company to our FOM?
 
A:  Yes.  Subject to any limitations in the clause describing the group (i.e. who work in or paid from city, state).  A federal credit union can now request to serve:  persons who work regularly for an entity under contract whereby the entity possesses a strong dependency relationship with the group.  For groups added prior to February 6, 2017, only a housekeeping amendments needs to be submitted that will apply to all groups added prior to February 6, 2017.  If a group is being added after February 6, 2017, the group’s letter needs to identify its desire for credit union service for those persons working for entities under contract possessing a strong dependency relationship with them.  The group’s total potential credit union member count should include all persons working for entities under contract possessing a strong dependency relation with the group.    
 
 
 
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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