NCUA finalizes field-of-membership rule

The National Credit Union Administration finalized its embattled field-of-membership rule significantly expanding the service areas in which community credit unions can do business.

Among its provisions, the rule would allow credit unions to include suburbs of metropolitan areas in their fields of membership while cutting out their urban cores. It would also define entire states and major metro centers as rural districts.

The U.S. Supreme Court last month declined to review the rules, ending an ICBA-supported legal challenge going back several years.