WASHINGTON (12/10/15 UPDATED 10:30 a.m. ET)--CUNA President/CEO Jim Nussle broadcast a call to action to credit unions this morning urging them to support important field-of-membership (FOM) modernizations. While the National Credit Union Administration’s proposal contains a number of CUNA-supported changes, Nussle, in his action alert, said more work remains for credit unions to help shape the proposal.
CUNA’s goal is for stakeholders to submit a large number of formal comment letters to the NCUA supporting the proposal. The letters should “reflect league and credit union official position on the FOM proposal,” Nussle said.
Nussle also urged credit union and league employees to user the Voter Voice system to submit pre-written comment letters, which will help combat similar bank efforts to comment against the proposal.
Bankers have already made efforts to oppose the proposal, including threats of litigation, making it very important for credit unions to have a strong united voice in support of the proposal, said Ryan Donovan, CUNA’s chief advocacy officer.
Credit union leagues should look to identify and reach out to credit unions for the details letters, as well as encourage credit unions to send e-mail comments via Voter Voice.
The NCUA’s proposal would provide greater choice for consumers and flexibility for credit unions to better serve their communities, Nussle said when the proposal was first approved.
Highlights of the plan include:
The plan contains a number of other improvements to the FOM regulation. The NCUA has posted a chart online comparing the proposal with current regulations.