Newsroom

A task force comprised of NAFCU's members who sit on its Legislative and Regulatory Committees met Tuesday to examine issues related to field-of-membership rules and develop detailed recommendations for enacting positive regulatory and legislative change.

Field-of-membership changes are a major focus of NAFCU's "Top Ten Regulations to Eliminate or Amend" and its "Five Point Plan for Regulatory Relief."

Last week, NAFCU Senior Vice President of Government Affairs and General Counsel Carrie Hunt wrote an editorial for Credit Union Journal pushing for more flexible field-of-membership requirements.

"While NAFCU hopes the NCUA Board's unanimous support for exploring ways of strengthening the federal credit union charter will help expedite the review process [of FOM restrictions], we firmly believe that credit unions need action now," Hunt wrote.

In related news, NCUA Board Vice Chairman Rick Metsger said Tuesday that modernizing FOM regulations is the most important issue facing credit unions. Metsger said: "States have done a better job than the federal government of keeping pace with changes in the marketplace. It's time for us to catch up." He also noted that both Chairman Debbie Matz and Board Member Mark McWatters have stated their support for FOM updates.

NAFCU will continue to working with NCUA as the agency considers initiatives to provide field-of-membership relief within the its current statutory authority.