What is Field of Membership?
As established in the Federal Credit Union Act of 1934, a federal credit union charter must include a “proposed Field of Membership (FOM), specified in detail.”
A credit union’s FOM covers the potential members that credit union may enroll. More specifically, as defined in the National Credit Union Administration (NCUA)’s Chartering Manual, it refers to the “persons and entities eligible for membership.”
A Field of Membership is based on a credit union’s individual charter, in which is defined the individuals or communities a credit union may serve. The Federal Credit Union Act allows for three types of federal charters: Single Common Bond (occupational or associational), Multiple Common Bond (multiple groups), and Community.
Depending on a credit union’s specific charter, it may be possible to either amend or expand an FOM to include additional members.