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NAFCU on Friday wrote Congress to correct another round of misinformation being spread about NCUA's field-of-membership proposal – this one from the Independent Community Bankers of America.

Banking trades are working furiously to cast last week's FOM proposal as NCUA's effort to flout statutory FOM limitations set by the Federal Credit Union Act. Where NCUA is proposing to eliminate limits that are not statutory, the banking trades are saying the agency is essentially rewriting the law without going to Congress.

Brad Thaler, NAFCU's vice president of legislative affairs, said in an email to lawmakers that the FOM proposal is "squarely within NCUA's authority in the Federal Credit Union Act." It doesn't alter regulatory restrictions that carry out the act's limits on geographic limitations or requirements that FOMs be "well-defined" and "local," he said.

He echoed comments similar to those lodged last week by NAFCU President and CEO Dan Berger in response to another banking trade on this issue, noting that it is "disappointing" that the bankers continue to attack credit unions' efforts to serve their members.

"There are many areas where credit unions and banks can work together, such as seeking regulatory relief and greater data security," Thaler noted. "We hope the bankers will focus on these meaningful efforts with us."