SW&M attorneys have both personal and institutional expertise across all aspects of credit union law, and are incredibly well-versed in credit union governance, regulatory matters, formation and day-to-day operations. Additionally, our attorneys have long-standing relationships with both National Credit Union Association (NCUA) and state credit union regulators.
Our firm is heavily involved in matters related to field of membership (FOM) — including, but not limited to:
- FOM amendments
- Community FOM
- Associational FOM
- Select Employer Groups (SEG) FOM
- Trade, Industry and Profession (TIP) charters
- Treatment of FOM in mergers
- Underserved communities (multiple common bond credit unions)
SW&M’s successful track record includes the establishment of the single largest underserved community FOM to ever be approved by the NCUA. We have also represented multiple clients on emerging issues involving affinity groups, associational FOMs, TIP charters and more.
Credit unions have many operational and technological nuances, which often come with legal implications that must be fully understood to address them. Whether it is working with legacy signature cards and bylaws, navigating the interactions between memberships and multiple-party accounts laws, formation of a credit union service organization (CUSO) or simply understanding the core processing systems used in credit unions, such as the details of closing membership accounts, SW&M is here for you. We know the landscape inside and out.
Our experience is not limited to the above. We are also knowledgeable in tax-related issues that affect non-profit entities and credit union service organizations (CUSOs) — such as unrelated business income tax (UBIT), tax information reporting requirements and more.