A proposed rule aimed at modernizing requirements related to federal credit union shared service facilities, issued in December, is out for comment until Feb. 10, according to a notice in Monday’s Federal Register.
The proposed rule would revise the agency’s field of membership (FOM) rules to include any shared branch, shared ATM, or shared electronic facility in the definition of “service facility” for an FCU that participates in a shared branching network.
Under the proposal, the FCU need not be an owner of the shared branch network for the shared branch or shared ATM to be a service facility. These changes would apply to the definition of service facility both for additions of select groups to multiple-common-bond FCUs and for expansions into underserved areas, it states.