FOM: A State-by-State Comparison
Published June 19, 2015 3:16 PM
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Updated June 1, 2021 1:21 PM
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The data used to compile this report is from the 2014 Profile of State Credit Union Regulatory Agencies published by National Association of State Credit Union Supervisors, unless otherwise noted.
In comparison to the states, the federal charter is, perhaps, most distinguished by what it doesn't allow: a combination of community-based and select employee group-based FOMs, statewide FOMs or communities including more than one county or metropolitan statistical area, among other things .NCUA Vice Chairman Rick Metsger, who is spearheading the agency's efforts on FOM, told Credit Union Journal that the majority of states' FOM rules are more liberal than that of the federal charter.
A handful of states have only federal credit unions. Delaware, South Dakota and Wyoming have no CU enabling statutes, so there is no state-chartering option. Arkansas and Hawaii do have credit union statutes, but currently have only federal charters.
