Riverways FCU was recently granted a large community field of membership expansion, increasing its potential membership by more than 850%
NCUA approved an expansion of Riverways Federal Credit Union’s Field of Membership (FOM) through the addition of a single rural district consisting of 27 Missouri counties.
Riverways, based in Rolla, Missouri, had been seeking to grow, but had met a hurdle when it came to increasing their membership. “As a credit union, we believe field of membership to be a significant inhibitor to growth,” explained Scott Shults, President and CEO. To combat this, they enlisted the help of CUCollaborate in submitting an ultimately successful application for a rural expansion of their Federal Community Charter.
Under a community charter, a credit union has the option of adding a rural district to an FOM, provided it is both contiguous and well-defined in geographic terms, as well as meets the NCUA regulations of having a total population of less than one million people and a population density of under one hundred people per square mile.
CUCollaborate specializes in field of membership consulting services specifically for the purpose of helping credit unions expand their field of membership with their regulator. The company worked alongside Riverways to prove the area to be added indeed met all these criteria, along with the institution’s ability and commitment to serving potential new members immediately.