ALEXANDRIA, Va. (11/10/15 UPDATED 5 p.m. ET)--A field of membership (FOM) proposed rule will be taken up at the National Credit Union Administration’s Nov. 19 meeting, as requested by CUNA. FOM reform is a top issue for CUNA, and CUNA has urged the agency to refrain from imposing any FOM restrictions beyond what is required in the Federal Credit Union Act.
In a letter sent to the NCUA in June, CUNA outlined a number of principles for FOM reform, as well as a number of suggestions that are within the agency’s immediate authority and some that would require a rule change.
Specific changes CUNA has requested include:
The meeting will begin at 10 a.m. (ET) Nov. 19, and will be streamed live on the NCUA’s website.