Proposed Rule2026-02765
Chartering and Field of Membership for Federal Credit Unions-Interpretive Rulings and Policy Statements
Primary source
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Published
February 11, 2026
Issuing agencies
National Credit Union Administration
Abstract
The NCUA Board proposes to rescind its Interpretative Ruling and Policy Statement 06-1 (IRPS 06-1). Rescinding IRPS 06-1 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
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<title>Federal Register, Volume 91 Issue 28 (Wednesday, February 11, 2026)</title>
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[Federal Register Volume 91, Number 28 (Wednesday, February 11, 2026)]
[Proposed Rules]
[Pages 6138-6141]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-02765]
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NATIONAL CREDIT UNION ADMINISTRATION
12 CFR Part 701
RIN 3133-AF78
Chartering and Field of Membership for Federal Credit Unions--
Interpretive Rulings and Policy Statements
AGENCY: National Credit Union Administration (NCUA).
ACTION: Proposed rule.
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SUMMARY: The NCUA Board proposes to rescind its Interpretative Ruling
and Policy Statement 06-1 (IRPS 06-1). Rescinding IRPS 06-1 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 April 13, 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-2026-0265.
Follow the ``Submit a comment'' instructions. If you are reading this
document on
[[Page 6139]]
<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#9ed1d9ddd3fff7f2def0fdebffb0f9f1e8"><span class="__cf_email__" data-cfemail="49060e0a0428202509272a3c28672e263f">[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 NCUA Board (Board) has issued interpretive rulings
and policy statements (IRPS) 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 IRPS have ranged from interpretations on FCU share accounts
to guidelines for compliance with the federal Bank Bribery Act. In
issuing IRPS, the Board has often, but not always, used notice-and-
comment procedures comparable to those it uses for codified
regulations. While the IRPS are not codified in the Code of Federal
Regulations (CFR), the NCUA does make the currently effective IRPS
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>.
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\1\ 44 FR 21762 (Apr. 12, 1979).
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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 their chartering and field of membership within the
confines of the FCU Act.\3\ Section 120 of the FCU Act is a general
grant of regulatory authority and authorizes the NCUA Board to
prescribe rules and regulations for the administration of the FCU
Act.\4\
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\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).
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The NCUA Board is issuing this proposed rule pursuant to its
rulemaking authority under Section 109 of the FCU Act.\5\ Section 109
of the FCU Act establishes the chartering and field of membership (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 determining
under this subsection 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\
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\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.
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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 by reference into Sec. 701.1 of the NCUA's
regulations.\11\ Over the years, the Board periodically updated the
Chartering Manual through IRPS and amended Sec. 701.1 to reference the
updated IRPS.\12\ While copies of the IRPS were available to the
public, the text of the IRPS did not appear in the CFR.\13\
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\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).
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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
06-1 is no longer necessary.
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\14\ 73 FR 73392, 73301 (Dec. 2, 2008).
\15\ 75 FR 36263 (June 25, 2010).
\16\ See 12 CFR part 701, App. B.
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The Board proposes rescinding IRPS 06-1. In 2006, after a
comprehensive review of its chartering policies and based upon the
NCUA's experience addressing field of membership issues, the Board
issued IRPS 06-1 as a final rule amending its field of membership rules
to limit underserved area additions to multiple common bond credit
unions and to revise facility requirements for underserved areas.\17\
The current requirements for service to underserved areas are stated in
Chapter 3 of the Chartering Manual.\18\ This proposed recission would
not add, remove, clarify, or otherwise change the substantive
requirements already established in the FCU Act and the Chartering
Manual.
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\17\ See 71 FR 36667 (June 28, 2006).
\18\ See 12 CFR part 701, App. B. Ch. 3, Sec. III.
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The NCUA invites the public to review IRPS 06-1 and solicits
comment on any issue, concern, or suggestion that the public may have
regarding the proposed rescission. The NCUA seeks comments on any and
all relevant issues concerning the proposed rescission. Since a copy of
IRPS 06-1 is available to all FICUs on the NCUA's public website, the
IRPS has not been set out in full text in this proposal.\19\
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\19\ 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).
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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)) 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 NCUA Board proposes to rescind its IRPS 06-1.
Rescinding IRPS 06-1 would ease the compliance burden on FCUs and
provide more valuable guidance 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.\20\ 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.\21\ 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 focusing FCUs principally on
applicable statutes and codified regulations.
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\20\ 58 FR 51735 (Oct. 4, 1993).
\21\ 76 FR 3821 (Jan.21, 2011).
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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.\22\ This proposed rule is expected to be a deregulatory
action for purposes of Executive Order 14192.
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\22\ 90 FR 9065 (Feb. 6, 2025).
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C. Regulatory Flexibility Act
The Regulatory Flexibility Act \23\ 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.\24\ For purposes of this
analysis, the NCUA considers small credit unions to be those having
under $100 million in assets.\25\ The Board fully considered the
potential economic impacts of the regulatory amendments on small credit
unions.
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\23\ 5 U.S.C. 601 et seq.
\24\ 5 U.S.C. 605(b).
\25\ 80 FR 57512 (Sept. 24, 2015).
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As discussed in this preamble, the proposed recission is intended
to ease the compliance burden on FCUs and provide more valuable
guidance 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 focusing FCUs principally on applicable
statutes and codified regulations. 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, by reducing the staff time and other resources FCUs
currently devote to checking potentially duplicative sources to ensure
compliance with existing requirements codified in the Chartering
Manual.
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 (OMB) 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 in the IRPS do 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 regulatory 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), complies with the
executive order to adhere to fundamental federalism principles. This
proposed rescission would only affect FCUs. The proposed rescission
would mainly clarify the existing regulations and guidance applicable
solely to FCUs and are 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.\26\ The proposed recission
relates only to duplicative chartering and field of membership
requirements for FCUs, and any effect on family well-being is expected
to be indirect.
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\26\ Public Law 105-277, 112 Stat. 2681 (1998).
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[[Page 6141]]
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 February, 2026.
Melane Conyers-Ausbrooks,
Secretary of the Board.
[FR Doc. 2026-02765 Filed 2-10-26; 8:45 am]
BILLING CODE 7535-01-P
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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.