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Chartering and Field of Membership for Federal Credit Unions-Interpretive Ruling and Policy Statement 08-2
Plain English Summary
The NCUA Board has decided to remove an old policy that was no longer needed. This policy, known as IRPS 08-2, dealt with how federal credit unions could add underserved areas to their membership. Since the current Chartering Manual already covers these requirements, this change simplifies the process for federal credit unions by reducing the number of rules they need to follow. Agents should be aware of this update as it may make it easier for credit unions to expand their membership.
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The NCUA Board (Board) is rescinding Interpretive Ruling and Policy Statement (IRPS) 08-2. The Chartering and Field of Membership Manual (Chartering Manual) incorporates the current requirements for adding underserved areas, making IRPS 08-2 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.