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Maximizing the New Field of Membership Rules

Apr 27 10:00 AM - Apr 27, 2022 11:30 AM
Apr 27, 2022 10:00 AM - 11:30 AM
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Membership is the lifeblood of every credit union. Determining your field of membership (FOM) is foundational – but also subject to change. Recently, the NCUA revised the FOM rules to provide more opportunity to expand membership. A complete understanding of the rule changes is essential for leadership… as is an understanding of the state and federal charter options. If your CU is thinking about expanding its horizons, this enlightening program will be highly beneficial.

Learning Objectives

  • Understand the revised NCUA field of membership rules
  • Breakdown credit union charter options
  • Take advantage of improved community charter opportunities
  • Appreciate innovative field of membership options
  • Analyze a potential charter conversion
  • Maneuver through regulatory requirements and resources

Credit unions operate in a very exclusive environment because they can only lend to members, and the field of membership (FOM) rules control who is eligible to join. A good way to increase the bottom line is to expand the FOM, but you can’t maximize the possibilities without a thorough understanding of the options. Fortunately, recent changes in the NCUA FOM rules allow for greater opportunity in the identification and enrollment of new members. This session will review the revised rules with an emphasis on all the available expansion possibilities. From increasing the number of select employee groups, to adding associations and expanding your community, to exploring merger opportunities; this informative session will address it all.

In addition, the credit union industry is fortunate to have the advantage of a dual chartering system – either state or federal. The dual chartering system provides a choice for credit unions based on taxation, available powers, geographic concerns, accessibility of regulators, and regulatory philosophy. A CU considering a charter conversion must understand the potential benefits, as well as any potential limitations imposed by the new regulators and regulations. Don’t miss this opportunity for a detailed, practical review of the new field of membership rules and charter conversion options.

Agenda

Speakers

David A. Reed, Reed & Jolly, PLLC

Attorney, author, consultant, and nationally recognized trainer, David Reed is a partner in the law firm of Reed & Jolly, PLLC. He provides guidance to financial institutions one establishment and revision of policies and procedures, organizational compliance, collections, security, contractual agreements, regulatory matters, and corporate governance. His engaging speaking style has made him a nationwide lecturer on regulatory compliance, consumer lending, bankruptcy, and collections.

A former trial attorney and vice president and general counsel of a large regional financial institution, David is also a Certified Fraud Examiner. He is particularly known as an expert in the areas of operations, bankruptcy, and collections. He has trained state and federal examination staff on numerous issues, including BSA, ID theft red flags, SAFE Act, third party contract management, and bankruptcy.

Location

Fees

$259.00 

Please note: You may share the link with others at your credit union, however the confirmation will be sent to one primary contact at your credit union. It will be up to the primary contact to share the material with others.

Additional Info

Event Type

On-Demand Webinar

Topics Covered

  • On-Demand Webinars
  • Compliance