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ABA-NCUA Approves Field of Membership Rule.

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ENPNewswire-November 22, 2021--ABA-NCUA Approves Field of Membership Rule

(C)2021 ENPublishing - http://www.enpublishing.co.uk

Release date- 19112021 - The National Credit Union Administration on Thursday unanimously approved-with changes-a final rule expanding field of membership requirements for multiple common bond federal credit unions.

The final rule did not include some of the most controversial elements of the proposal, which the American Bankers Association opposed. In its comment letter on the proposal, ABA criticized the rule on the basis that it would undermine congressional intent to demand a heightened standard of in-person service for underserved communities, and has no basis in law or regulation.

'The final service facilities rule reflects a number of changes suggested by ABA and other stakeholders to limit its impact, and the board worked to reach a consensus on a flawed proposal,' ABA said in a statement following the release of the final rule. 'We still have significant concerns about this rule...

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