ALEXANDRIA, Va. (1/20/15)--A fresh look is needed when it comes to modernizing the National Credit Union Administration's field-of-membership (FOM) regulations, agency Chair Debbie Matz said.
Speaking at the NCUA's January board meeting last week, Matz said she looks forward to the input generated by the working group she announced at the agency's December board meeting.
"In the coming months they'll be reaching out to stakeholders for ideas on how to federal credit unions can remain competitive while complying with the Credit Union Membership Access Act," she said. "We look forward to getting their analysis and recommendation, and perhaps there are some changes we can make."
Credit Union National Association Deputy General Counsel Mary Dunn said CUNA is happy to work with the NCUA and the working group in any capacity needed.
CUNA has previously worked on FOM issues with the NCUA, including recommendations to allow rural districts and other communities increased access to credit unions.
Matz listed FOM issues as one of the regulatory items on her agenda for 2015 in this month's NCUA Report. NCUA Vice Chair Rick Metsger also recently raised the issue, saying both statutory and regulatory changes to laws and regulations would serve consumers better.