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NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt urged Congress to allow credit unions more flexibility and regulatory relief in their field of membership rules in a letter to House and Senate leaders Thursday.

Hunt touted the NCUA's actions in approving a revised field-of-membership rule and issuing a new proposal that would raise to 10 million the population cap for well-defined communities and allow credit unions seeking community charter expansions to present a narrative as to why certain areas would qualify for inclusion. Hunt emphasized that the NCUA's actions are firmly within its existing legal authority, and she noted that more regulatory relief must come from Congress, not the agency.

"There are other areas where credit unions need FOM modernization that Congress must address," Hunt wrote to Senate Majority Leader Mitch McConnell, R-Ky., Minority Leader Harry Reid, D-Nev., House Speaker Paul Ryan, R-Wis., and Minority Leader Nancy Pelosi, D-Calif. "A prime example is H.R. 5541, the Financial Services for the Underserved Act of 2016, which is currently pending action in the House. We hope you will support these efforts to bring about statutory improvements to outdated FOM restrictions on credit unions."

The NCUA Board voted 2-0 on Thursday to approve the final rule and issue its new proposal. The new proposed measure is out for a 30-day comment period. The larger, final field-of-membership rule is set to take effect 60 days after publication in the Federal Register.