NCUA FOM – Can we use CFPB-designated underserved areas to meet the facility test?

Compliance > NCUA
Q:  Can we use CFPB-designated underserved areas to meet the facility test?    
 
A:  Yes.  A CFPB-designated “underserved county” can be used in lieu of the Depository Institutions Test.  Also, NCUA will consider alternative methods a federal credit union can rely on to determine whether a proposed area is underserved by other financial institutions, provided the analysis relies on NCUA or another federal banking agency’s data.
 
 
 
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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