#88 NCUA's Field Of Membership Proposal With Rick Mumm

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The NCUA Board recently approved a proposal to update their Field of Membership Rule. Its nine potential changes aim to enhance consumer access to safe, fair, and affordable financial services, especially in underserved communities. I dissect these proposed amendments with Rick Mumm, Former NCUA employee and FOM GURU. We explore the positive impact of eliminating census blocks, simplifying business and marketing plan, standardizing fillable applications, aligning with share insurance regulations, and many more. Rick also discusses the problems that could arise with the proposal’s failure to clearly determine a legal entity headquarters, especially with remote work setups being adopted by many entities.