With Flying Colors Classic: Field of Membership with Expert Rick Mumm

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Navigating Credit Union Challenges and Opportunities with Rick Mumm

In this episode of 'With Flying Colors,' host Mark Treichel is joined by Rick Mumm, a seasoned expert in credit union field of membership, who shares his extensive experience of over 30 years with the NCUA. This discussion covers a range of topics including new charters, mergers, bylaw amendments, and the nuances of field of membership. Mumm offers insight into the complexities of credit union operations, such as handling underserved areas, transitioning from state to federal charters, and leveraging low income designations for growth and expansion. The conversation also delves into the importance of preparing efficient applications for credit union changes or expansions to avoid common pitfalls. Mumm's consultancy services, aimed at helping credit unions navigate regulatory landscapes successfully, are highlighted, offering a glimpse into the vast expertise he brings to the credit union industry. The episode is packed with valuable tips for credit union leaders seeking to maximize their success in a complex regulatory environment.

00:00 Welcome to the Classic Episode on Credit Unions
00:31 Navigating the NCUA's Upcoming Board Meeting
01:23 Insider Tips for Credit Union Success with NCUA
02:15 Deep Dive into Field of Membership with Rick Mumm
05:50 Exploring the Nuances of Field of Membership
06:57 The Intricacies of Trade, Industry, and Profession Credit Unions
12:26 Understanding Low Income Designations and Underserved Areas
16:55 The Process and Challenges of Credit Union Mergers
21:33 Bylaws and Amendments: Navigating the Regulations
24:45 Expanding Services: New Charters and Share Insurance
25:39 Leveraging Expertise for Efficient Credit Union Management
29:31 Closing Remarks and Contact Information