Regulatory Call to Action: NCUA’s FOM Proposal Comment Deadline is February 8
February 1, 2016
January 29, 2016
Northwest credit unions have filed nearly 300 letters in support of the National Credit Union Administration’s proposal giving more Americans access to not-for-profit financial services from credit unions. The Northwest Credit Union Association is urging hundreds more before the comment period ends.
“It’s important to show the NCUA that they have our resounding support in moving FOM forward, even if the proposal still needs improvement,” said John Trull, AVP of Regulatory Advocacy for the Association. “We need to reach our goal of 1000 letters of support from all 157 Northwest credit unions. Then, when we are discussing this proposal with legislators and the NCUA in the coming months, it will be obvious that there was overwhelming support for this proposal and the NCUA should move quickly to finalize this important rule,” he continued.
The NCUA proposal is considered perhaps the first significant update to federal field of membership rules since 1998. As expected, the American Bankers Association and Independent Community Bankers Association orchestrated an attack on the proposal, filing some 500 comments with NCUA and a letter to Congressional leadership, attacking modernization of credit unions’ field of membership.
Jim Nussle, President and CEO of the Credit Union National Association, quickly fired off a response to Congressional Powers, saying the bank letter “exposes a disturbing perspective on the part of the American bankers that consumers should have less access to affordable financial services.”
“Limits on credit union service and power have never been the basis for their tax status,” Nussle noted.”To the contrary, Congress has conveyed credit unions their tax status because of their structure as not-for-profit financial cooperatives and their mission to promote thrift and provide access to credit for provident purposes.”
Trull said volume is critical in the final push this week.
“Advocates don’t need to customize letters. Using CUNA’s Voter Voice, everyone including credit union leaders and front line staff can submit comment letters in less than a minute.”
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Posted in NCUA.