Action Request: Comments Needed for Second FOM Proposal
November 14, 2016
November 14, 2016
Thanks to continued advocacy efforts of the CUNA-League system, the NCUA finalized their field of membership expansion rule at its October Board meeting. The recently approved proposal implements policy changes affecting the definition of a local community, a rural district, underserved area, multiple common bond, and single common bond. The rule provides all federal credit unions additional flexibility to define their fields of membership (FOM).
In addition, the NCUA published a second FOM proposal with comments due December 9. It’s up to your credit union to ensure the Northwest delivers a strong and unified message.
The proposed rule would:
- Increase to 10 million the 2.5 million person limit which currently applies to community charters consisting of a combined statistical area;
- Create a streamlined narrative approach that credit unions could utilize to establish a well defined community of interest;
- Allow a credit union to designate a portion of a metropolitan division as a community without regard to division or boundaries.
Need tips on how to submit effective comments? Click here.
To show the NCUA the Northwest Credit Union Movement’s resounding support for expanding field of membership, the immediate ask is that all Northwest credit unions ask their Board Members and staff to influence the process by submitting comments on this important proposal.
You may do so directly on the Federal Register site, here. We are asking each credit union to thank the NCUA board for issuing this proposal, and to mention their support for the bulleted provisions listed above.
Questions about this story? Contact Eric Horvath: 503.350.2222, firstname.lastname@example.org.