Rule2026-16024
Chartering and Field of Membership for Federal Credit Unions-Interpretive Ruling and Policy Statement 10-1
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
August 6, 2026
Effective
September 8, 2026
Issuing agencies
National Credit Union Administration
Abstract
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.
Full Text
<html>
<head>
<title>Federal Register, Volume 91 Issue 150 (Thursday, August 6, 2026)</title>
</head>
<body><pre>
[Federal Register Volume 91, Number 150 (Thursday, August 6, 2026)]
[Rules and Regulations]
[Pages 50672-50674]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-16024]
-----------------------------------------------------------------------
NATIONAL CREDIT UNION ADMINISTRATION
12 CFR Part 701
RIN 3133-AF82
Chartering and Field of Membership for Federal Credit Unions--
Interpretive Ruling and Policy Statement 10-1
AGENCY: National Credit Union Administration (NCUA).
ACTION: Final action.
-----------------------------------------------------------------------
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.
DATES: This action is effective on September 8, 2026.
FOR FURTHER INFORMATION CONTACT: Keisha Brooks, Attorney-Advisor,
Office of General Counsel, at (703) 518-6540 or 1775 Duke Street,
Alexandria, VA 22314.
SUPPLEMENTARY INFORMATION:
I. Introduction
A. Background
Since 1979, the Board has issued IRPS to address various generally
applicable interpretive and policy matters through publication in the
Federal Register.\1\ 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 often not codified in the
Code of Federal Regulations, 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>.
As NCUA's rules, regulations, and interpretive positions evolved over
the years, the Board has withdrawn or rescinded certain IRPS when
guidance was superseded by a new IRPS or incorporated into NCUA's
regulations.\2\
---------------------------------------------------------------------------
\1\ See IRPS No. 79-1, Statement of Policy Regarding
Relationship of Credit Union Service Corporations and Existing
Accounting Service Centers, 44 FR 21762 (Apr. 12, 1979).
\2\ See e.g., Withdrawal of outdated and unnecessary
Interpretive Rulings and Policy Statements (IRPS), 62 FR 50245
(Sept. 25, 1997); Final Rule, 89 FR 79380 (Sept. 30, 2024).
---------------------------------------------------------------------------
In 1989, the Board issued its Chartering and Field of Membership
Policy (IRPS 89-1), which consolidated NCUA's chartering and field of
membership (FOM) guidance. The Board also incorporated IRPS 89-1 by
reference into Sec. 701.1 of NCUA's regulations. Over the years, the
Board periodically updated the policy through other IRPS and amended
Sec. 701.1 to reference the updated IRPS. In 2010, after notice and
consideration of public comment, the Board issued IRPS 10-1 to update
the Chartering Manual and clarify NCUA's community chartering
policies.\3\ In the 2010 final rule, the Board also revised Sec. 701.1
to establish the Chartering Manual in Appendix B to part 701 of NCUA's
regulations as the consolidated source for FCU chartering, conversion,
and FOM policies.\4\
---------------------------------------------------------------------------
\3\ 75 FR 36257 (June 25, 2010).
\4\ 75 FR at 36263.
---------------------------------------------------------------------------
On January 14, 2026, the Board announced its proposal to rescind
IRPS 10-1 as a separate policy, emphasizing that the Chartering Manual
already contains the prevailing community chartering requirements for
FCUs.\5\ In the proposed rule, the Board stated that rescinding IRPS
10-1 would ease the regulatory burden for FCUs by reducing the number
of reference sources they must consult to comply with applicable
chartering and FOM requirements. As proposed, rescinding IRPS 10-1
would not change any substantive requirements or otherwise amend Sec.
701.1. The comment period ended on March 16, 2026.
---------------------------------------------------------------------------
\5\ Proposed Rule, 91 FR 1464 (Jan. 14, 2026).
---------------------------------------------------------------------------
B. Legal Authority
The Board is issuing this final rule pursuant to its authority
under the Federal Credit Union (FCU Act). Under the FCU Act, NCUA is
the chartering and supervisory authority for FCUs and the federal
supervisory authority for federally insured credit unions (FICUs).\6\
The FCU Act grants NCUA a broad mandate to issue regulations governing
both FCUs and all FICUs. 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.\7\ Section 207 of
the FCU Act is a specific grant of authority over share insurance
coverage, conservatorships, and liquidations.\8\ Section 209 of the FCU
Act is a plenary grant of regulatory authority to issue rules and
regulations necessary or appropriate to carry out its role as share
insurer for all FICUs.\9\ Accordingly, the FCU Act grants the Board
broad rulemaking authority to ensure that the federally insured credit
union industry and the National Credit Union Share Insurance Fund
remain safe and sound.
---------------------------------------------------------------------------
\6\ 12 U.S.C. 1752-1775.
\7\ 12 U.S.C. 1766(a).
\8\ 12 U.S.C. 1787.
\9\ 12 U.S.C. 1789.
---------------------------------------------------------------------------
The Board is also issuing this final rule pursuant to its
rulemaking authority under Section 109 of the FCU Act.\10\ Section 109
of the FCU Act establishes the chartering and FOM framework for
FCUs.\11\ 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 whether or not an
additional group may be included within the FOM category of an existing
multiple common bond FCU.\12\ Sections 109(a) and 109(f)(2)(E)
reference more general rulemaking authority with respect to
associational groups and FCU FOMs.\13\ Pursuant to its authority under
the FCU Act, the Board implements these statutory requirements through
the Chartering Manual.\14\
---------------------------------------------------------------------------
\10\ 12 U.S.C. 1751 et seq.
\11\ 12 U.S.C. 1753(5), 1754, 1759.
\12\ 12 U.S.C. 1759.
\13\ 12 U.S.C. 1759.
\14\ 12 CFR part 701, App. B. The Chartering Manual addresses
all aspects of chartering FCUs. In that respect, it is like 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. Final Rule
A. Overview
This final rule follows publication of the January 14, 2026,
proposed rule, and takes into consideration the comments received on
the proposal. By the close of the public comment period on March 16,
2026, the Board received 13 public comments. Of these, 11 addressed
rescinding IRPS 10-1. Comments were submitted by FCUs, trade
associations, credit union leagues, and one individual.
Most commenters expressed support for the proposal. As detailed
below, these commenters observed that IRPS 10-1 overlaps with the
requirements found in the Chartering Manual. Moreover, commenters
agreed that the proposal would ease the compliance
[[Page 50673]]
burden for FCUs without altering existing requirements. One comment
broadly expressed opposition to rescinding multiple IRPS; however, they
did not provide comments specific to rescinding IRPS 10-1. After
careful consideration of the comments, the Board has decided to adopt
the proposal as final without change.
B. Discussion of Public Comments
This section of the preamble discusses the significant issues
raised by the commenters, and the Board's responses to the comments.
Commenters generally agreed that IRPS 10-1 is redundant or
outdated. Most commenters stated that rescinding IRPS 10-1 would shift
reliance to the Chartering Manual. Several commenters noted that
relying on the Chartering Manual as the consolidated source for
chartering and FOM requirements reduces ambiguity and supports
supervisory clarity. Additionally, several commenters expressed concern
that maintaining overlapping standards across multiple sources could
lead to inconsistencies and interpretive ambiguity. Two commenters
indicated the rescission promotes consistent application across
institutions.
Most commenters highlighted the benefits of rescinding IRPS 10-1 in
terms of reducing the compliance burden for FCUs. Several commenters
noted that rescission would streamline compliance by limiting the
number of sources that FCUs must consult to understand chartering and
FOM requirements. Several commenters indicated that consolidating
NCUA's community chartering requirements in the Chartering Manual will
make compliance easier for FCUs. One commenter emphasized the benefit
to small credit unions. Another commenter added that rescinding IRPS
10-1 will reduce associated paperwork burdens while maintaining safety
and soundness. Several commenters indicated that removing outdated
materials, such as IRPS 10-1, supports burden reduction and
transparency. Lastly, one commenter observed that, while the proposal
would directly reduce the burden for FCUs, streamlining and
modernization would benefit the broader credit union system by
improving clarity and consistency across charters.
A few comments recommended additional changes outside the scope of
the proposal. One commenter wrote that NCUA's continued reliance on
IRPS adds procedural layers and unnecessary regulatory burdens. This
commenter urged NCUA to discontinue issuing IRPS and suggested
publishing all regulatory requirements solely in the Code of Federal
Regulations. Another commenter conditioned their support for the
proposal on continued transparency in updates to the Chartering Manual.
Specifically, the commenter wrote that the Chartering Manual should
remain easily accessible on <a href="http://ncua.gov">ncua.gov</a>, the agency's public website.
Additionally, the commenter noted that NCUA should provide notice and
an opportunity for public comment before implementing any substantive
changes to the Chartering Manual, with any updates clearly marked and
dated. Several commenters supported additional streamlining and
modernization to reduce burdens on FCUs.
One commenter opposed rescinding multiple IRPS, arguing that
removing established guidance without replacements creates regulatory
ambiguity. The commenter noted that eliminating IRPS could weaken
consumer protection, reduce transparency, and increase the risk of
inconsistent enforcement. The commenter urged NCUA to assess impacts,
consult additional stakeholders, and provide replacement guidance
before proceeding.
NCUA Response. The Board agrees with the majority of commenters
that IRPS 10-1 has become redundant. The Board agrees that
consolidating chartering and FOM requirements in the Chartering Manual
improves clarity and consistency. The Board agrees and expects the
rescission of IRPS 10-1 to reduce regulatory burden and enhance
operational efficiency by limiting the number of sources that FCUs must
check to verify compliance with applicable laws and regulations.
The broader suggestions addressing IRPS in general and future
amendments to the Chartering Manual are outside the scope of this
specific rescission. As noted in this preamble and the preamble to the
proposed rule, rescinding IRPS 10-1 simplifies NCUA's regulatory
framework without changing substantive requirements. The Board
acknowledges the concern with the continued accessibility and clear
versioning of the Chartering Manual. The Board observes that this
rescission does not change Sec. 701.1, which specifies that the
Chartering Manual is contained in Appendix B to 12 CFR part 701 and is
also available online at <a href="http://ncua.gov">ncua.gov</a>. Consistent with Sec. 701.1, the
Board expects that the Chartering Manual will remain publicly available
on the agency's website. In addition, because the Chartering Manual is
published in the Code of Federal Regulations, the public can review
current and prior versions on the Federal Register website and
<a href="http://GovInfo.gov">GovInfo.gov</a>. The Board agrees that any future amendments of substantive
effect should follow applicable notice-and-comment procedures. The
Board notes the constructive feedback and will consider it in the
future as appropriate. Accordingly, the Board adopts the proposal as
final and, therefore, rescinds IRPS 10-1.
III. Regulatory Procedures
A. Executive Orders 12866, 13563, and 14192
Pursuant to Executive Order 12866 (``Regulatory Planning and
Review''), a determination must be made whether a regulatory action is
significant and therefore subject to review by the Office of
Information and Regulatory Affairs (OIRA), within the Office of
Management and Budget (OMB) in accordance with the requirements of the
Executive Order.\15\ 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.\16\ This final rule was drafted
and reviewed in accordance with Executive Order 12866 and Executive
Order 13563. OIRA has determined that this final rule is not a
``significant regulatory action'' as defined by section 3(f) of
Executive Order 12866.
---------------------------------------------------------------------------
\15\ 58 FR 51735 (Oct. 4, 1993).
\16\ 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.\17\ This final rule is considered an Executive Order 14192
deregulatory action.
---------------------------------------------------------------------------
\17\ 90 FR 9065 (Feb. 6, 2025).
---------------------------------------------------------------------------
B. Regulatory Flexibility Act
The Regulatory Flexibility Act 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.\18\ 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
[[Page 50674]]
basis for such certification.\19\ For purposes of this analysis, NCUA
considers small credit unions to be those having under $100 million in
assets.\20\ The Board fully considered the potential economic impacts
of the regulatory amendments on small credit unions.
---------------------------------------------------------------------------
\18\ 5 U.S.C. 601 et seq.
\19\ 5 U.S.C. 605(b).
\20\ 80 FR 57512 (Sept. 24, 2015).
---------------------------------------------------------------------------
The final rule 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 applicable requirements. The rescission is also
designed to reduce confusion by allowing FCUs to focus principally on
applicable statutes and codified regulations. The rescission imposes no
new requirements that would result in FCUs (irrespective of size)
incurring an economic cost. To the extent the rescission 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 in
the Chartering Manual. Accordingly, NCUA certifies the final rule will
not have a significant economic impact on a substantial number of small
credit unions.
C. 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 OMB control
number. The PRA applies to rulemaking 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. NCUA
has determined that the changes in the rule do not create a new
information collection or revise an existing information collection as
defined by the PRA. Accordingly, no PRA submissions to OMB will be made
with respect to this rule.
D. Executive Order 13132 on Federalism
Executive Order 13132 encourages independent regulatory agencies to
consider the impact of their actions on state and local interests.\21\
NCUA, an agency as defined in 44 U.S.C. 3502(5), voluntarily complies
with the executive order to adhere to fundamental federalism
principles. NCUA expects that any effect on states or on the
distribution of power and responsibilities among the various levels of
government will be minor. This final rule would only affect FCUs. The
final rule reinforces existing regulatory requirements applicable
solely to FCUs and is not intended to affect the division of
responsibilities between NCUA and state regulatory authorities with
oversight of federally insured, state-chartered credit unions. The
rulemaking therefore does 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.
---------------------------------------------------------------------------
\21\ 64 FR 43255 (Aug. 4, 1999).
---------------------------------------------------------------------------
E. Assessment of Federal Regulations and Policies on Families
NCUA has determined that this final rule will not affect family
well-being within the meaning of Section 654 of the Treasury and
General Government Appropriations Act, 1999.\22\ The final rule relates
to the chartering and FOM requirements for FCUs, and any effect on
family well-being is expected to be indirect.
---------------------------------------------------------------------------
\22\ Public Law 105-277, 112 Stat. 2681 (1998).
---------------------------------------------------------------------------
F. Congressional Review Act
Subtitle E of the Small Business Regulatory Enforcement Fairness
Act of 1996, also known as the Congressional Review Act (CRA),
generally provides for congressional review of agency rules.\23\ NCUA
must submit a report to Congress and the Comptroller General when it
issues a final rule, as defined by the CRA.\24\ An agency rule, in
addition to being subject to congressional oversight, may also be
subject to a delayed effective date if the rule is a ``major rule.''
OIRA has determined that this rule is not a ``major rule'' within the
meaning of the relevant sections of the CRA. NCUA will also file
appropriate reports with Congress and the Comptroller General so this
rule may be reviewed.
---------------------------------------------------------------------------
\23\ 5 U.S.C. 801-808.
\24\ 5 U.S.C. 804(3).
---------------------------------------------------------------------------
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 29th day
of July, 2026.
Melane Conyers-Ausbrooks,
Secretary of the Board.
[FR Doc. 2026-16024 Filed 8-5-26; 8:45 am]
BILLING CODE 7535-01-P
</pre></body>
</html>Indexed from Federal Register on August 6, 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.