3133-0015, Justification for Non-substantive Change Request

Chartering and Field of Membership Manual, 12 CFR 701.1, App. B to Part 701

OMB Control Number 3133-0015

Current Expiration Date: February 28, 2017

Justification for Non-Substantive Change Request

In April 2015, the NCUA Board amended its Chartering and Field of Membership policies to provide federal credit unions regulatory relief in adding association groups to their fields of membership.  The agency now recognizes groups from 12 specific categories of associations as automatically qualifying as a valid association; provided the group passes a general threshold test – meaning it was not primarily formed just to increase credit union membership.  In addition to the threshold test and other existing requirements, under the new rule the only new requirement for federal credit unions seeking to add an association that is not one of the 12 pre-approved categories is supporting there is sufficient corporate separateness between it and the association.

 

To fully implement the regulatory relief and efficiencies sought, NCUA has made non-substantive changes to its field of membership application process and applicable forms to permit federal credit unions to indicate the applicability of the threshold test and, if applicable, corporate separateness at the same time it applies for the expansion request.  In most cases, this will allow for an instantaneous decision on the application request.