August 03, 2016

NAFCU meets with NCUA on FOM

NAFCU Senior Regulatory Affairs Counsel Michael Emancipator and Regulatory Affairs Counsel Ann Kossachev will meet with NCUA staff today at the agency's headquarters to discuss the field-of-membership proposal and related issues.

NCUA has said it has completed its review of the more than 11,000 comments the agency received on its FOM proposal, which seeks to provide regulatory relief for all charter types. The proposed rule, released in November, would be the first major revamp of FOM regulation in more than 10 years.

In its comment letter, NAFCU expressed support for the proposal but 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.

NAFCU has also backed recently introduced legislation from Reps. Tim Ryan, D-Ohio, and Donald Norcross, D-N.J., that would allow credit unions of all charter types to add underserved areas to their fields of membership. NAFCU has long advocated allowing credit unions more flexibility in reaching out to underserved areas.