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News Now

Washington
NCUA to discuss FOM changes today
ALEXANDRIA, Va. (6/17/10)--The National Credit Union Administration (NCUA) later today will discuss the final version of recently proposed chartering and field of membership (FOM) policy changes that would set objective and quantifiable criteria to determine the existence of a well-defined local community for areas that encompass multiple group zones. The FOM changes, which were proposed late last year, have also proposed a new, objective definition for rural districts. Overall, the Credit Union National Association (CUNA) has said that the NCUA’s planned changes are too restrictive. CUNA will provide more pointed analysis of the NCUA’s plan following today’s meeting, which will take place at 10 a.m. ET. While the NCUA meeting will also include discussions of the delegation of chartering authority, the NCUA on Tuesday removed discussion of a proposed rule on interest rate risk policies from the list of items to be considered. The NCUA also will discuss the accounting standards, the payment of insured shares, and assessments related to its Temporary Corporate Credit Union Stabilization Fund will have its monthly report on the status of its National Credit Union Share Insurance Fund during the meeting. During the closed portion of the meeting, the NCUA will discuss a number of supervisory activities.


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