Supporting FOM expansion to provide more community access

In applying for an expanded field of membership (FOM), Dade County Federal Credit Union (DCFCU) seeks to increase access to services while showing the benefit of modern, flexible FOM expansion procedures. America’s Credit Unions testified in support of DCFCU’s request to expand its FOM to reach Florida’s Palm Beach and Monroe Counties at a NCUA hearing Tuesday.

DCFCU President/CEO George Joseph said the credit union is pursuing expansion to broaden access to consumer products and services, particularly for the low-income residents.

“We want our community to fully benefit from the wide range of resources we provide,” he said.

The hearing and DCFCU’s application represent continuing progress for the credit union movement, America’s Credit Unions Director of Innovation and Technology Andrew Morris said during his presentation, noting that 49% of the population of the proposed expansion reside in low-income designation-qualifying areas.

Morris added that the statistical definition and other third-party evidence demonstrate clear economic and social cohesion in the proposed FOM, and the application has persuasively satisfied the NCUA’s criteria for narrative-based expansion.

America’s Credit Unions’ data shows that, since 2019, banks have closed a net of 57 branches in the two counties, while credit unions have added two.

The League of Credit Unions and Affiliates, the African-American Credit Union Coalition, Coopera Consulting, and CUCollaborate were among organizations and individuals that testified in support of DCFCU’s proposed expansion at the hearing, while a Florida bankers group spoke in opposition.