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FOR IMMEDIATE RELEASE

NAFCU Statement on NCUA Scheduling Board Action on Field of Membership Nov. 19

Washington (Nov. 10, 2015) - National Association of Federal Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement in response to the National Credit Union Administration's (NCUA) inclusion of a proposal to reform field-of-membership requirements on the agency board's open meeting agenda for Nov. 19.

"We thank the NCUA Board members for their leadership in reexamining field-of-membership restrictions," Berger said. "NAFCU continues to support field-of-membership reform and the removal of unnecessary restrictions. We look forward to reviewing the board's proposal."

In July, NCUA Chairman Debbie Matz said the agency would propose additional changes to its FOM rules to permit more expansive community charters, underserved areas and occupational charters. NAFCU welcomes this proposed move; it sent the agency a white paper with recommendations for eased FOM rules in May.

The Nov. 19 NCUA Board open meeting agenda also includes action on the agency's 2016/2017 operating budget and Temporary Corporate Credit Union Stabilization Fund (TCCUSF) oversight budget; 2016 overhead transfer rate; 2016 federal credit union operating fee scale; 2016/2017 NCUA annual performance plan; and the TCCUSF quarterly report.

The 2015 budget was set at $279.5 million – up 4.2 percent from 2014; it was reduced $1.3 million this July during budget reprogramming. The 2015 operating fee scale was down 0.9 percent from 2014, and all federal credit unions with assets of less than $1 million pay no fees. The OTR this year is 71.8 percent, up from 69.2 percent in 2014.

During the Nov. 19 meeting, NCUA is also expected to announce any expectations regarding a 2015 NCUSIF premium or TCCUSF assessment on credit unions. NCUA has maintained it expects no additional stabilization fund assessments will be needed based on current performance expectations.

The National Association of Federal Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation's federally insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. www.nafcu.org.

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