Forward-thinking, innovative FOM changes needed: CUNA

first_img 4SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr CUNA is seeking changes to field-of-membership (FOM) rules that the National Credit Union Administration could address if it is prepared to take an innovative approach to the agency’s current statutory authority.The changes could go far to modernize the agency’s current rules and would reflect how modern Americans live, work and play and define their common interests, said CUNA.“NCUA should not allow the past to become a barrier or an excuse [not] to more aggressively pursue FOM expansion. Boldness will reward credit unions with new opportunities to expand services to new areas and ensure that the federal charter remains strong,” said CUNA in a letter to the NCUA. “There are no safety and soundness concerns from innovating on these requirements, only the fear of criticism from competitors who would be happy to see credit unions fail in any case.”NCUA Chair Debbie Matz has said it is on her 2015 regulatory relief agenda to look at making it easier for credit unions to alter fields of membership. NCUA Vice Chair Rick Metsger has urged credit unions to engage in the discussion.CUNA’s recommendations take three approaches: proposals within NCUA’s immediate authority to implement, proposals allowable under current statutes that would require a change to current rules, and changes that would require congressional action. continue reading »last_img

Leave a Reply

Your email address will not be published. Required fields are marked *