Removing Barriers Blog

NCUA Staff Briefs CUNA Members on FOM
Posted November 23, 2015 by CUNA Advocacy

Last Friday, CUNA’s Advocacy Committee and Federal Credit Union Subcommittee were briefed by NCUA staff on the recent proposed field of membership (FOM) rule, which was approved by the NCUA’s Board at last Thursday’s meeting.  The proposed rule would make extensive changes to NCUA Chartering Manual that would directly impact almost all federal credit unions.  On the call, NCUA staff explained in detail the provisions in the rule and answered questions from our members.  

We have strongly advocated for many of the proposed changes to FOM made by NCUA, and we’re are pleased that they have incorporated some of our proposals, but much works remains. In two blog posts last week, we highlighted some of the basics of this proposal. In the coming weeks, we will produce a detailed analysis so that our members can better understand this proposal. We have also created a FOM resource page where all of our resources on this issue will be located and linked.  And we’ve also expanded advocacy efforts to Congress, as banks and their trade groups push back against NCUA for proposing a rule that will help credit unions expand.

As always, we encourage credit unions to review the proposal and submit comments.