NCUA FOM – If we are in the midst of creating a plan for an underserved area, do we now have to resubmit the area to see if it matches CFPB’s underserved county?

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Q:  If we are in the midst of creating a plan for an underserved area, do we now have to resubmit the area to see if it matches CFPB’s underserved county?    
 
A:  No.  If the requested underserved area has recently passed the Depository Institution Test, no other action is needed.  A county listed as a CFPB underserved county can be used in lieu of the Depository Institution Test – not for determining if the area qualifies as underserved.
 
 
 
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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