Removing Barriers Blog

CUNA Sends NCUA Field of Membership Reform Recommendations
Posted June 15,2015 by CUNA Advocacy

CUNA sent our recommendations on field of membership reform to NCUA today. As you may know, NCUA is conducting a review of their field of membership requirements and has put together a working group to discuss possible reforms to the rules. CUNA has taken the opportunity to engage with the agency in a variety of ways on the issue. At CUNA’s Government Affairs Conference in March we conducted joint sessions with NCUA Vice Chairman Metsger on the issue. Since then CUNA has been consulting our subcommittees, in particular our Federal Credit Union Subcommittee on suggestions for field of membership reform.

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. We expressed appreciation for NCUA’s review of these policies and suggested that “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.”

We believe there is a great deal of room for NCUA to change field of membership requirements and they have expressed strong interest in doing so in order to make the credit union system stronger and to help credit unions more fully serve their mission. We will keep you updated on any progress NCUA makes going forward. To see our letter and the full set of recommendations please see this letter