Newsroom

November 30, 2015

FOM proposal explained Dec. 8 in free NAFCU webcast

One of the chief architects of NCUA's newly proposed field-of-membership rule changes will detail the proposal Dec. 8 during a free NAFCU webcast.

NCUA Office of Consumer Protection Deputy Director Matthew Biliouris will join NAFCU Director of Regulatory Affairs Alicia Nealon to give an overview of the proposal and discuss how it will impact credit unions. The webcast will begin at 2 p.m. Eastern and will include an opportunity to ask questions.

During its Nov. 19 meeting, the NCUA Board proposed its first major revamp of FOM rules for all charter types in 10 years. The proposal is currently out for a 60-day comment period.

NAFCU supports comprehensive FOM reform and regulatory relief to allow credit unions to keep up with today's marketplace. The webcast is open to all and NAFCU particularly recommends that credit union executives and financial and loan officers attend.

Reports indicate that some banking trades are considering filing lawsuits after reviewing any final rule.

NAFCU Director of Regulatory Affairs Alicia Nealon said NCUA's FOM proposal is "really just recognizing other government-recognized communities – not creating new ways for credit unions to grow."

"There are no broad, sweeping, comprehensive, skirting-the-law type changes in this proposal," Nealon said.