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Chartering and Field of Membership for Federal Credit Unions-Interpretive Ruling and Policy Statement 06-1
Plain English Summary
The NCUA Board has decided to remove a previous policy (IRPS 06-1) related to federal credit unions. This change means that federal credit unions no longer need to refer to this outdated policy when adding underserved areas, as the current Chartering Manual already covers these requirements. This will make it easier for credit unions to ensure they are following the rules. Agents should update their understanding of compliance requirements based on this change.
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The NCUA Board (Board) is rescinding Interpretive Ruling and Policy Statement (IRPS) 06-1. The Chartering and Field of Membership Manual (Chartering Manual) incorporates the current requirements for adding underserved areas, making IRPS 06-1 unnecessary. This rescission reduces the burden for federal credit unions (FCUs) by limiting the number of sources that FCUs must check to verify compliance with applicable requirements. After considering the public comments, the Board adopts the proposal without modification.