Field of Membership NCUA Board Briefing Audio from October 2024 Meeting

Credit Union Regulatory Guidance Including: NCUA, CFPB, FDIC, OCC, FFIEC

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🎙️ Episode Summary
Join us for an inside look at the NCUA's October 2024 board meeting, where we explore groundbreaking developments in new credit union charters and field of membership expansions. From innovative pilot programs to surging underserved area applications, discover how the credit union movement is evolving to serve more communities.

⏰ Timeline
00:00 - Introduction
02:15 - Overview of 2024 New Charters
05:30 - Provisional Charter Pilot Program
10:45 - Field of Membership Updates
15:20 - Underserved Area Applications Surge
20:10 - Process Improvements
25:30 - Future Outlook

🔑 Key Points
• NCUA has chartered 3 new credit unions in 2024
• Provisional Charter Pilot helping address startup capital challenges
• 87 underserved area applications YTD (up from 32 in 2020)
• New credit unions serving 15,000+ members with $51.9M in assets

💡 Featured Credit Unions
- Tribe Federal Credit Union (Minneapolis, MN)
- MDI & low-income designation
- Serving Minneapolis community
- Fairbreak Federal Credit Union (Memphis, TN)
- MDI & low-income designation
- Serving Memphis area

📊 Notable Statistics
- New CU Performance:
• $51.9M total assets
• $34.8M share deposits
• $15.4M loans
• ~15,000 members served

- Processing Times:
• 152 days avg. review time (2023)
• 215 days avg. review time (2024)

🎯 NCUA Initiatives
• Provisional Charter Program
• Enhanced CAPRI online system
• Streamlined application tracking
• Improved transparency in charter process

💭 Memorable Quote
"The test of our progress is not whether we add to the abundance of those who have so much, it is whether we provide enough for those who have so little." - FDR

🔗 Resources Mentioned
• NCUA New Charter Website
• CAPRI System
• Charter Application Guidelines
• Field of Membership Manual

📝 Action Items for Credit Unions
1. Check NCUA website for charter templates
2. Review underserved area requirements
3. Explore CAPRI system updates
4. Connect with CURE office for guidance

👥 Featured Speakers
• Todd Harper - NCUA Chairman
• Kyle Hauptman - Vice Chairman
• Tonya Otsuka - Board Member
• Martha Ninichuk - Director, Office of Credit Union Resources and Expansion
• Leilani Stamper - Consumer Access Division Director

📅 Next Steps
• Provisional Charter Program review (End of 2024)
• CAPRI system enhancement for community/underserved applications (Q1 2025)
• Recommendations for program future (2025)

#CreditUnions #FinancialInclusion #NCUA #Banking #Cooperation

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