Newsroom

FOR IMMEDIATE RELEASE

Washington (Oct. 20, 2016) - National Association of Federal Credit Unions (NAFCU)President and CEO Dan Berger issued the following statement on the National Credit Union Administration (NCUA) Board's plan to vote on a final field-of-membership rule and issue a related proposal during its 9 a.m. open meeting Oct. 27:

"NAFCU and our members are heartened to see NCUA moving forward on field-of-membership rule updates," said Berger. "We will look forward to seeing the final and proposed rules and will review each closely for their impact on credit unions."

NCUA issued an FOM proposal last November that would make substantive changes affecting the common-bond requirements associated with community, multiple-group, and trade, industry or profession charter types. It represents the first major revamp on these charter types in more than 10 years. NCUA in August said it had completed its review of the 11,000 comments the agency received on the proposal.

NAFCU expressed support for the proposal but has urged that more be done to give the industry regulatory relief, including: eliminating or increasing the core-based statistical area population, establishing a formal notification process for credit unions making FOM-related applications, and considering new ways to efficiently authorize mergers.

The board's open meeting agenda next week also includes a briefing on supplemental capital, a final rule adjusting civil money penalties, an interagency proposal on flood insurance and a name change for the Office of Consumer Protection.

At 2 p.m. Eastern, the board will open a two-hour public budget briefing. In discussion draft budgets for 2017 and 2018 released last Friday, the agency projects $299.2 million and $313.1 million in spending, respectively, for those years; those work out to budget increases of 2.8 percent, year-over-year, for 2017 and 4.6 percent, year-over-year, for 2018. NAFCU is reviewing the documents and will participate in the briefing.

The National Association of Federal Credit Unions (NAFCU) 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,educationand compliance assistance. For more information on NAFCU, go towww.nafcu.orgor @NAFCU on Twitter.

Patty Briotta
Director of Public Relations
Office:703-842-2820
pbriotta@nafcu.org