Proposed Rule2026-00594
Chartering and Field of Membership for Federal Credit Unions-Interpretive Rulings and Policy Statements
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
January 14, 2026
Issuing agencies
National Credit Union Administration
Abstract
The NCUA Board (Board) proposes to rescind its Interpretative Ruling and Policy Statement 10-1 (IRPS 10-1), which was issued as an amendment to IRPS 08-2. Rescinding IRPS 10-1 would ease the compliance burden on federal credit unions (FCUs) by limiting the number of sources that FCUs must check to ensure compliance with applicable chartering and field of membership (FOM) requirements.
Full Text
<html>
<head>
<title>Federal Register, Volume 91 Issue 9 (Wednesday, January 14, 2026)</title>
</head>
<body><pre>
[Federal Register Volume 91, Number 9 (Wednesday, January 14, 2026)]
[Proposed Rules]
[Pages 1469-1471]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-00594]
-----------------------------------------------------------------------
NATIONAL CREDIT UNION ADMINISTRATION
12 CFR Part 701
RIN 3133-AF82
Chartering and Field of Membership for Federal Credit Unions--
Interpretive Rulings and Policy Statements
AGENCY: National Credit Union Administration (NCUA).
ACTION: Proposed rule.
-----------------------------------------------------------------------
SUMMARY: The NCUA Board (Board) proposes to rescind its Interpretative
Ruling and Policy Statement 10-1 (IRPS 10-1), which was issued as an
amendment to IRPS 08-2. Rescinding IRPS 10-1 would ease the compliance
burden on federal credit unions (FCUs) by limiting the number of
sources that FCUs must check to ensure compliance with applicable
chartering and field of membership (FOM) requirements.
DATES: Comments must be received on or before March 16, 2026.
ADDRESSES: Comments may be submitted in one of the following ways.
(Please send comments by one method only):
<bullet> Federal eRulemaking Portal: <a href="https://www.regulations.gov/">https://www.regulations.gov/</a>.
The docket number for the proposed IRPS recission is NCUA-2026-0036.
Follow the ``Submit a comment'' instructions. If you are reading this
document on <a href="http://federalregister.gov">federalregister.gov</a>, you may use the green ``SUBMIT A
PUBLIC COMMENT'' button beneath this rulemaking's title to submit a
comment to the <a href="http://regulations.gov">regulations.gov</a> docket. A plain language summary of the
proposed recission is also available on the docket website.
<bullet> Mail: Address to Melane Conyers-Ausbrooks, Secretary of
the Board, National Credit Union Administration, 1775 Duke Street,
Alexandria, Virginia 22314-3428.
<bullet> Hand Delivery/Courier: Same as mailing address.
Mailed and hand-delivered comments must be received by the close of
the comment period.
Public Inspection: Please follow the search instructions on <a href="https://www.regulations.gov">https://www.regulations.gov</a> to view the public comments. Do not include any
personally identifiable information (such as name, address, or other
contact information) or confidential business information that you do
not want publicly disclosed. All comments are public records; they are
publicly displayed exactly as received and will not be deleted,
modified, or redacted. Comments may be submitted anonymously. If you
are unable to access public comments on the internet, you may contact
the NCUA for alternative access by calling (703) 518-6540 or emailing
<a href="/cdn-cgi/l/email-protection#ace3ebefe1cdc5c0ecc2cfd9cd82cbc3da"><span class="__cf_email__" data-cfemail="cc838b8f81ada5a08ca2afb9ade2aba3ba">[email protected]</span></a>.
FOR FURTHER INFORMATION CONTACT: Keisha Brooks, Attorney-Advisor,
Office of General Counsel, at (703) 518-6540 or at 1775 Duke Street,
Alexandria, VA 22314.
SUPPLEMENTARY INFORMATION:
I. Introduction
A. Background
Since 1979, the Board has issued interpretive rulings and policy
statements (IRPSs) to address various generally applicable interpretive
and policy matters in the Federal Register. The first NCUA IRPS was
published in April 1979 to set forth the agency's policy on how
existing credit union service corporations could comply with the NCUA's
new credit union service organizations regulation.\1\ The topics
covered by IRPSs have ranged from interpretations on FCU share accounts
to guidelines for compliance with the federal Bank Bribery Act. In
issuing IRPSs, the Board has often, but not always, used notice-and-
comment procedures comparable to those it uses for codified
regulations. While the IRPSs are not codified in the Code of Federal
Regulations (CFR), the NCUA does make the currently effective IRPSs
available on its public website at <a href="https://ncua.gov/regulation-supervision/rules-regulations/interpretive-rulings-policy-statements">https://ncua.gov/regulation-supervision/rules-regulations/interpretive-rulings-policy-statements</a>.
---------------------------------------------------------------------------
\1\ 44 FR 21762 (Apr. 12, 1979).
---------------------------------------------------------------------------
B. Legal Authority
Under the Federal Credit Union Act (the FCU Act), the NCUA is the
chartering and supervisory authority for FCUs and the federal
supervisory authority for federally insured credit unions (FICUs).\2\
The FCU Act grants the Board broad general rulemaking authority over
FCUs and to govern FCUs' chartering and FOM within the confines of the
FCU Act.\3\ Section 120 of the FCU Act is a general grant of regulatory
authority and authorizes the Board to prescribe rules and regulations
for the administration of the FCU Act.\4\
---------------------------------------------------------------------------
\2\ 12 U.S.C. 1752-1775.
\3\ 12 U.S.C. 1751, 1766(a), 1787(b)(1), 1789(a)(11).
\4\ 12 U.S.C. 1766(a).
---------------------------------------------------------------------------
The Board is issuing this proposed rule pursuant to its rulemaking
[[Page 1470]]
authority under section 109 of the FCU Act.\5\ Section 109 of the FCU
Act establishes the chartering and FOM framework for FCUs.\6\ Section
109(d)(3) directs the Board to issue guidelines or regulations, after
notice and opportunity for comment, setting forth the criteria that the
Board will apply in whether an additional group may be included within
the FOM category of an existing multiple common bond FCU.\7\ Sections
109(a) and 109(f)(2)(E) reference more general rulemaking authority
with respect to associational groups and FCU FOM.\8\ Pursuant to its
authority under the FCU Act, the Board implements these statutory
requirements through its Chartering and Field of Membership Manual,
incorporated as Appendix B to part 701 of its regulations (Chartering
Manual).\9\
---------------------------------------------------------------------------
\5\ 12 U.S.C. 1751 et seq.
\6\ 12 U.S.C. 1753(5), 1754, 1759.
\7\ 12 U.S.C. 1759.
\8\ 12 U.S.C. 1759.
\9\ 12 CFR part 701, App. B. The Chartering Manual addresses all
aspects of chartering FCUs. In that respect, it is similar to the
regulations of the Office of the Comptroller of the Currency
applicable to the chartering of national banks or federal savings
associations. 12 CFR part 5.
---------------------------------------------------------------------------
II. Proposed Rule
In 1989, the Board issued its Chartering and Field of Membership
Policy (IRPS 89-1), which consolidated FOM guidance.\10\ The Board also
incorporated IRPS 89-1 into Sec. 701.1 of the NCUA's regulations by
reference.\11\ Periodically, the Board updated the Chartering Manual
through IRPSs and amended Sec. 701.1 to reference the updated
IRPSs.\12\ While copies of the IRPSs were available to the public, the
text of the IRPSs did not appear in the CFR.\13\
---------------------------------------------------------------------------
\10\ 54 FR 31165 (July 27, 1989).
\11\ 12 CFR 701.1.
\12\ See IRPS 99-1, 63 FR 71998 (Dec. 30, 1998), as amended by
IRPS 00-1, 65 FR 64512 (October 27, 2000) and IRPS 02-2, 67 FR 20013
(Apr. 24, 2002).
\13\ See e.g., IRPS 03-1, 68 FR 18334 (Apr. 15, 2003), as
amended by IRPS 06-1, 71 FR 36667 (June 28, 2006).
---------------------------------------------------------------------------
In 2008, after notice and consideration of public comment, the
Board issued a final rule publishing IRPS 08-2 as Appendix B to part
701.\14\ In 2010, the Board amended Sec. 701.1 to remove references to
IRPS 08-2 and establish Appendix B as the Chartering Manual.\15\
Accordingly, the Chartering Manual (as published in Appendix B to part
701) sets forth the NCUA's current FOM policies and procedures.\16\
Because the current FOM rules are stated in the Chartering Manual, IRPS
10-1 is no longer necessary.
---------------------------------------------------------------------------
\14\ 73 FR 73392, 73301 (Dec. 2, 2008).
\15\ 75 FR 36263 (June 25, 2010).
\16\ See 12 CFR part 701, App. B.
---------------------------------------------------------------------------
The Board proposes to rescind IRPS 10-1. In 2010, Board issued a
final rule amending Sec. 701.1 of the NCUA's regulations in the form
of IRPS 10-1.\17\ IRPS 10-1 amended the Chartering Manual to update its
community chartering policies. The NCUA's current community chartering
policies are set forth in the Chartering Manual. This proposed
recission would not add, remove, clarify, or otherwise change the
substantive requirements already established in the FCU Act and the
Chartering Manual.
---------------------------------------------------------------------------
\17\ 75 FR 36257 (June 25, 2011).
---------------------------------------------------------------------------
The NCUA invites the public to review IRPS 10-1 and solicits
comment on any issue, concern, or suggestion that the public may have
regarding the proposed rescission. The NCUA seeks comments on relevant
issues concerning the proposed rescission. A copy of IRPS 10-1 is
available to all FICUs on the NCUA's public website, therefore the IRPS
has not been set out in full text in this proposal.\18\
---------------------------------------------------------------------------
\18\ NCUA, Interpretive Rulings and Policy Statements, <a href="https://ncua.gov/regulation-supervision/rules-regulations/interpretive-rulings-policy-statements">https://ncua.gov/regulation-supervision/rules-regulations/interpretive-rulings-policy-statements</a> (page last visited October 1, 2025).
---------------------------------------------------------------------------
III. Regulatory Procedures
A. Providing Accountability Through Transparency Act of 2023
The Providing Accountability Through Transparency Act of 2023 (5
U.S.C. 553(b)(4)) (Act) requires that a notice of proposed rulemaking
include the internet address of a summary of not more than 100 words in
length of a proposed rule, in plain language, that shall be posted on
the internet website under section 206(d) of the E-Government Act of
2002 (44 U.S.C. 3501 note) (commonly known as <a href="http://regulations.gov">regulations.gov</a>). The
Act, under its terms, applies to notices of proposed rulemaking and
does not expressly include other types of documents that the Board
publishes voluntarily for public comment, such as notices and interim-
final rules that request comment despite invoking ``good cause'' to
forgo such notice and public procedure. The Board, however, has elected
to address the Act's requirement in these types of documents in the
interests of administrative consistency and transparency.
In summary, the Board proposes to rescind IRPS 10-1, which was
issued as an amendment to IRPS 08-2. Rescinding IRPS 10-1 would ease
the compliance burden on FCUs by limiting the number of sources that
FCUs must check to ensure compliance with applicable chartering and FOM
requirements.
The proposal and the required summary can be found at <a href="https://www.regulations.gov">https://www.regulations.gov</a>.
B. Executive Orders 12866, 13563, and 14192
Pursuant to Executive Order 12866 (``Regulatory Planning and
Review''), as amended by Executive Order 14215, a determination must be
made whether a regulatory action is significant and therefore subject
to review by the Office of Management and Budget (OMB) in accordance
with the requirements of the executive order.\19\ Executive Order 13563
(``Improving Regulation and Regulatory Review'') supplements and
reaffirms the principles, structures, and definitions governing
contemporary regulatory review established in Executive Order
12866.\20\ This proposed rule was drafted and reviewed in accordance
with Executive Order 12866 and Executive Order 13563. OMB has
determined that this proposed rule is not a ``significant regulatory
action'' as defined in section 3(f)(1) of Executive Order 12866.
Further, the proposal is consistent with Executive Order 13563. The
rescission should reduce confusion by allowing FCUs to focus on
applicable statutes and codified regulations.
---------------------------------------------------------------------------
\19\ 58 FR 51735 (Oct. 4, 1993).
\20\ 76 FR 3821 (Jan. 21, 2011).
---------------------------------------------------------------------------
Executive Order 14192 (``Unleashing Prosperity Through
Deregulation'') requires that any new incremental costs associated with
new regulations shall, to the extent permitted by law, be offset by the
elimination of existing costs associated with at least 10 prior
regulations.\21\ This proposed rule is expected to be a deregulatory
action for purposes of Executive Order 14192.
---------------------------------------------------------------------------
\21\ 90 FR 9065 (Feb. 6, 2025).
---------------------------------------------------------------------------
C. Regulatory Flexibility Act
The Regulatory Flexibility Act \22\ generally requires an agency to
conduct a regulatory flexibility analysis of any rule subject to notice
and comment rulemaking requirements, unless the agency certifies that
the rule will not have a significant economic impact on a substantial
number of small entities. If the agency makes such a certification, it
shall publish the certification at the time of publication of either
the proposed rule or the final rule, along with a statement providing
the factual basis for such certification.\23\ For purposes of this
analysis, the NCUA considers small credit unions to be those having
under $100 million in
[[Page 1471]]
assets.\24\ The Board fully considered the potential economic impacts
of the regulatory amendments on small credit unions.
---------------------------------------------------------------------------
\22\ 5 U.S.C. 601 et seq.
\23\ 5 U.S.C. 605(b).
\24\ 80 FR 57512 (Sept. 24, 2015).
---------------------------------------------------------------------------
As discussed in this preamble, the proposed recission is intended
to ease the compliance burden on FCUs by limiting the number of sources
that FCUs of all sizes must check to ensure compliance with laws and
regulations. The rescission should also reduce confusion by allowing
FCUs to focus on applicable statutes and codified regulations,
including the Chartering Manual. The proposed recission would not
impose any new requirements that would result in FCUs (irrespective of
size) incurring an economic cost. To the extent the proposed recission
has any economic impact, it will be indirect, as removing a duplicative
source for ensuring compliance with FOM requirements will save FCU
staff time and resources.
Accordingly, the NCUA certifies the proposed rule would not have a
significant economic impact on a substantial number of small credit
unions.
D. Paperwork Reduction Act
The Paperwork Reduction Act of 1995 (PRA) generally provides that
an agency may not conduct or sponsor, and not withstanding any other
provision of law, a person is not required to respond to, a collection
of information, unless it displays a currently valid Office of
Management and Budget control number. The PRA applies to rulemakings in
which an agency creates a new or amends existing information collection
requirements. For purposes of the PRA, an information-collection
requirement may take the form of a reporting, recordkeeping, or a
third-party disclosure requirement. The NCUA has determined that the
changes addressed in this notice does not create a new information
collection or revise an existing information collection as defined by
the PRA.
E. Executive Order 13132 on Federalism
Executive Order 13132 encourages certain agencies to consider the
impact of their actions on state and local interests. The NCUA, an
agency as defined in 44 U.S.C. 3502(5), voluntarily complies with the
executive order to adhere to fundamental federalism principles. This
proposed rescission would only affect FCUs. The NCUA expects that any
effect on states or on the distribution of power and responsibilities
among the various levels of government will be minor. The proposed
rescission would clarify the existing regulations and guidance
applicable solely to FCUs and is not intended to affect the division of
responsibilities between the NCUA and state regulatory authorities with
oversight of federally insured, state-chartered credit unions. The
rulemaking would therefore not have direct effect on the states, the
relationship between the national government and the states, or on the
distribution of power and responsibilities among the various levels of
government.
F. Assessment of Federal Regulations and Policies on Families
The NCUA has determined that this proposed rule would not affect
family well-being within the meaning of section 654 of the Treasury and
General Government Appropriations Act, 1999.\25\ The proposed recission
relates to duplicative chartering and FOM requirements for FCUs, and
any effect on family well-being is expected to be indirect.
---------------------------------------------------------------------------
\25\ Public Law 105-277, 112 Stat. 2681 (1998).
---------------------------------------------------------------------------
List of Subjects in 12 CFR Part 701
Advertising, Aged, Civil rights, Credit, Credit unions, Fair
housing, Individuals with disabilities, Insurance, Marital status
discrimination, Mortgages, Religious discrimination, Reporting and
recordkeeping requirements, Sex discrimination, Signs and symbols,
Surety bonds.
By the National Credit Union Administration Board, this 9th day
of January, 2026.
Melane Conyers-Ausbrooks,
Secretary of the Board.
[FR Doc. 2026-00594 Filed 1-13-26; 8:45 am]
BILLING CODE 7535-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on January 14, 2026.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.