CUNA Regulatory Comment Call


March 9, 2001

Amendments to Field of Membership and Chartering Manual

(NOT A MAJOR PROPOSAL)

EXECUTIVE SUMMARY

The National Credit Union Administration (NCUA) requests comments on an interim final rule that will permit credit unions to eliminate certain documentation for community charter applications. The interim final rule is effective March 20, 2001 and comments are due by May 21, 2001. As a result of the changes:

This rule does not eliminate any of the remaining requirements necessary to process a community application. Applicants should still address safety and soundness, business and marketing plans and all other remaining requirements contained in the Manual.

Credit unions are encouraged to comment. Please submit your comments to CUNA by April 23, 2001. Please feel free to fax your responses to Associate General Counsel Mary Dunn or Assistant General Counsel Michelle Profit at 202-371-8240 or e-mail them to Mary Dunn or Michelle Profit at mdunn@cuna.com or mprofit@cuna.com.

QUESTIONS REGARDING INTERIM RULE

  1. Do you support reduction in the community documentation requirements for community charters when the community has previously been approved?













  2. Do you support deletion from the list of acceptable documentation the category of common characteristics and background of residents?













  3. Are there other reductions in documentation requirements or other changes in the application process for community charters you recommend that would be consistent with the requirements of the Federal Credit Union Act? Please explain.













  4. Other comments you care to make:













Eric Richard • General Counsel • (202) 508-6742 • erichard@cuna.com
Mary Mitchell Dunn • SVP & Associate General Counsel • (202) 508-6736 • mdunn@cuna.com
Jeffrey Bloch • Assistant General Counsel • (202) 508-6732 • jbloch@cuna.com
Catherine Orr • Senior Regulatory Counsel • (202) 508-6743 • corr@cuna.com