Chartering and Field of Membership for Federal Credit Unions-Interpretive Ruling and Policy Statement 08-2

NATIONAL CREDIT UNION ADMINISTRATION

12 CFR Part 701

RIN 3133-AF81

Chartering and Field of Membership for Federal Credit Unions-- Interpretive Ruling and Policy Statement 08-2

National Credit Union Administration (NCUA).

Final rule.

The NCUA Board (Board) is rescinding Interpretive Ruling and Policy Statement (IRPS) 08-2. The Chartering and Field of Membership Manual (Chartering Manual) incorporates the current requirements for adding underserved areas, making IRPS 08-2 unnecessary. This rescission reduces the burden for federal credit unions (FCUs) by limiting the number of sources that FCUs must check to verify compliance with applicable requirements. After considering the public comments, the Board adopts the proposal without modification.

This final rule is effective on September 8, 2026.

Keisha Brooks, Attorney-Advisor, Office of General Counsel, at (703) 518-6540 or 1775 Duke Street, Alexandria, VA 22314.

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 https://ncua.gov/regulation-supervision/rules-regulations/interpretive-rulings-policy-statements. As NCUA's rules, regulations, and interpretive positions evolved over the years, the Board has withdrawn or rescinded certain IRPS when guidance was superseded by a new IRPS or incorporated into NCUA's regulations.\2\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\ The first NCUA IRPS was published in April 1979. 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 \2\ See e.g., Withdrawal of outdated and unnecessary Interpretive Rulings and Policy Statements (IRPS), 62 FR 50245 (Sept. 25, 1997); Final Rule, 89 FR 79380 (Sept. 30, 2024).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 2008, after notice and consideration of public comment, the Board issued IRPS 08-2 to update and clarify NCUA's policies for adding underserved areas.\3\ In 2010, the Board revised Sec. 701.1 to establish the Chartering Manual as the consolidated source for FCU chartering and FOM policies in Appendix B to part 701 of NCUA's regulations.\4\

\3\ 73 FR 73392 (Dec. 2, 2008). \4\ 75 FR 36257, 36263 (June 25, 2010).

On January 14, 2026, the Board announced its proposal to rescind IRPS 08-2 as a separate policy, emphasizing that Chapter 3 of the Chartering Manual already contains the prevailing FOM rules for underserved areas.\5\ In the proposed rule, the Board stated that rescinding IRPS 08-2 would ease the regulatory burden for FCUs by reducing the number of reference sources they must consult to comply with applicable FOM requirements. The comment period ended on March 16, 2026.

\5\ Proposed Rule, 91 FR 1464 (Jan. 14, 2026).

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.

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 08-2. 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 08-2 overlaps with underserved area requirements found in Chapter 3 of the Chartering Manual. Moreover, commenters agreed that the proposal would ease the compliance 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 08- 2. After careful consideration of the comments, the Board has decided to adopt the proposal as final without change.