The Wall Street Journal is reporting that the National Credit Union Administration (NCUA) today finalized a rule that would provide federal credit unions with more flexibility to expand their memberships.
The rule, which could draw a lawsuit from the banking industry, makes more than a dozen changes to the regulator’s policies to broaden the way that credit unions can define their “field of membership,” allowing them to serve larger geographic areas and employee groups.
The rule will become effective 60 days after being published in the Federal Register.
I will have more to say after thoroughly reading the rule.
Read the Wall Street Journal (subscription required).
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