Select Employee Group Field of Membership

RELEASE DATE: AUGUST 19, 2024
ESTIMATED DURATION: 60 MINUTES

Expanding your credit union’s field of membership by adding groups can indeed be a strategic move. During this webinar we will review:

1. Determine Your Charter Type: This foundational step sets the stage for your expansion. Understanding whether your credit union has a single common bond, multiple common bond, or community charter is essential. Each type has different implications for membership expansion.
2. Convert to a Multiple Common Bond: If you’re currently operating under a single common bond and want to broaden your membership base, converting to a multiple common bond charter might be necessary. This involves regulatory procedures and compliance measures, so seeking guidance from legal and regulatory experts is crucial.
3. Identify Potential Groups: Once your charter is aligned with your expansion goals, scout for potential groups that could join your credit union. Look for organizations whose members would benefit from your services. This could include employers, associations, clubs, or other community groups.
4. Reach Out to Potential Groups: Initiate contact with these potential groups to discuss the benefits of partnership with your credit union. Highlight what sets your institution apart, such as competitive rates, personalized service, and community involvement. Building relationships is key at this stage.
5. Obtain Approval: After securing agreements with potential groups, seek approval from the regulatory authority to add them to your field of membership. This involves demonstrating the eligibility of the group’s members and ensuring compliance with regulatory standards.
6. Onboard New Members: Once approval is granted, facilitate a smooth onboarding process for the new members. Provide them with information about your products and services, and ensure they feel welcomed into the credit union community.

By following these steps diligently, you can expand your credit union’s field of membership strategically, serving more members and fostering growth for your institution.

MEET THE SUBJECT MATTER EXPERT:

With 34+ years with NCUA, Rick Mumm has worked as a Consumer Access Program Officer, Insurance Analyst, Supervision Analyst, Problem Case Officer, and Principal Examiner. He started at NCUA as a field examiner in Seattle, Washington. From there, Rick transferred to the then Region VI office in Concord, California as a Senior Supervision Analyst and then over to the Division of Insurance as a Senior Insurance Analyst. Rick transferred to Region V in Phoenix, Arizona when NCUA downsized from 6 to 5 regions. When NCUA merged all the Region Division of Insurances into CURE, he moved with the office after a stint in Special Actions. Rick spent 26 years specializing at NCUA in areas including field of membership, conversions, bylaws, mergers, and share insurance. While in Insurance, he saw many changes in field of membership policy and its implementation. He made several presentations to the NCUA Board and his creative solutions to solve credit union field of membership issues were incorporated into the Chartering and Field of Membership Manual. Today, he assists credit unions with all their field of membership, bylaw, or share insurance needs.