NCUA Axes Old Credit Union Rule to Cut Red Tape Confusion
Published Date: 8/6/2026
Rule
Summary
The NCUA Board (Board) is rescinding Interpretive Ruling and Policy Statement (IRPS) 10-1. The Chartering and Field of Membership Manual (Chartering Manual) incorporates NCUA's current chartering requirements for federal credit unions (FCUs), making IRPS 10-1 unnecessary. This rescission reduces the burden for FCUs by limiting the number of sources that they must check to verify compliance with applicable requirements. After considering the public comments, the Board adopts the proposal without modification.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
NCUA Rescinds IRPS 10-1
The NCUA Board is rescinding Interpretive Ruling and Policy Statement (IRPS) 10-1, effective September 8, 2026. The Board says this will reduce the number of sources federal credit unions (FCUs) must check to verify chartering and field-of-membership (FOM) rules, easing compliance burdens.
No Substantive Requirement Changes
NCUA states rescinding IRPS 10-1 does not change any substantive chartering or FOM requirements or amend Sec. 701.1; the Chartering Manual remains the controlling source. NCUA certified the final rule will not have a significant economic impact on a substantial number of small credit unions (those with under $100 million in assets).
Chartering Manual as Consolidated Source
NCUA confirms the Chartering and Field of Membership Manual (the Chartering Manual) is the consolidated source for FCU chartering and FOM policies (published in Appendix B to 12 CFR part 701 and available on ncua.gov). The Board also says substantive amendments to the Chartering Manual should follow applicable notice-and-comment procedures and the Manual will remain publicly accessible.
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Key Dates
Department and Agencies
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