NCUA Encourages Underserved Area Expansions

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In a recent letter, the National Credit Union Administration (NCUA) encourages any federal credit union with a multiple common bond field of membership to include in its field of membership, without regard to location, underserved communities as defined by the Federal Credit Union Act. 

Expanding into underserved areas can also help diversify membership and increase a credit union’s lending opportunities. Adding an underserved area to a federal credit union’s field of membership does not change the nature of a credit union’s charter. A multiple common bond federal credit union may add additional groups under the NCUA’s multiple common bond expansion options after being approved to expand service to an underserved area.

Read the letter to federal credit unions here

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