Federal Credit Unions Dump Tricky Membership Rule for Simplicity
Published Date: 2/11/2026
Proposed Rule
Summary
The National Credit Union Administration (NCUA) wants to make life easier for Federal credit unions by getting rid of a tricky rule called IRPS 06-1. This change means credit unions won’t have to check so many sources to follow membership rules, saving them time and hassle. If you’re involved with a Federal credit union, keep an eye out—comments on this proposal are open until April 13, 2026!
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Rescinding IRPS 06-1 Eases FCU Burden
The NCUA proposes to rescind Interpretive Ruling and Policy Statement 06-1 (IRPS 06-1). Rescinding IRPS 06-1 would limit the number of sources that Federal credit unions (FCUs) must check to ensure compliance with chartering and field-of-membership rules, which the NCUA says will reduce the staff time and resources FCUs spend on compliance.
No Significant Impact on Small Credit Unions
The NCUA treats small credit unions as those with under $100 million in assets and certifies that the proposed rescission would not have a significant economic impact on a substantial number of small credit unions. The Board says any economic effects would be indirect, mainly from reduced staff time checking duplicative sources.
No Change to Substantive FOM Requirements
The proposed rescission would not add, remove, clarify, or otherwise change the substantive field-of-membership (FOM) requirements already established in the Federal Credit Union Act and the Chartering Manual (Appendix B to 12 CFR part 701). The current requirements for underserved-area service remain in Chapter 3 of the Chartering Manual.
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Key Dates
Department and Agencies
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