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New field of membership rules for credit unions approved by NCUA

A new field of membership rules for credit unions was approved by the credit unions' federal regulator, the National Credit Administration, on Thursday.

The rule will give credit unions more flexibility to expand their memberships, according to The Wall Street Journal. You can read the entire WSJ article by clicking here

The approval of the rules drew a guarded response from the American Bankers Association.

“We're deeply concerned about NCUA's decision to go beyond its statutory authority to move credit unions even further away from the common bonds that define their missions," ABA President and CEO Rob Nichols said in a statement. "By passing today's field of membership rule, NCUA ignores two congressionally mandated limits on credit union membership – 'well-defined' and 'local' – in a move that would dramatically expand the scope of the credit union tax subsidy.  We're closely reviewing today's rule and will take any action necessary to protect the interests of taxpayers, small banks and the communities they serve.”

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