Removing Barriers Blog

Rep. Garamendi Letter to NCUA Chair Supporting FOM Modernization
Posted December 18, 2015 by CUNA Advocacy

This week, California Representative John Garamendi sent a letter to NCUA Chairman Debbie Matz, in support of the recent proposed modernizations to NCUA’s Field of Membership (FOM) regulations. The letter stated that the rule will “enhance safety, soundness and service of the credit union industry while supporting a vibrant dual-chartering system, and would “lead to a stronger and more efficient credit union system framework.”

The letter also praised credit unions, stating that credit unions “have a long history of providing safe and affordable credit options to their members,” and applauded NCUA’s efforts to “make it easier to serve rural and underserved areas, many of which have seen providers pull back their offerings in the wake of the financial crisis.”

This letter represents that consistently strong advocacy effort of California credit unions and the California and Nevada credit union Leagues, and the importance of our interdependent efforts. We expect Rep. Garamendi  will be the first of many members of congress from across the country to comment in support of the proposal,  because it so clearly helps consumers and communities access credit unions.