WASHINGTON (12/17/15)--The National Credit Union Administration’s field-of-membership (FOM) proposal is an important modernization of the agency’s regulations, Rep. John Garamendi (D-Calif.) said in a letter to the NCUA this week. Garamendi is the first member of Congress to write in support of the proposed rule.
“The proposal would provide credit unions with much need flexibility in establishing an appropriate field of membership to allow them to serve more consumers,” Garamendi wrote. “The changes would lead to a stronger and more efficient credit union system framework.” He added that the proposed rule is “consistent with what Congress has asked NCUA to do.”
California credit unions, along with the California Credit Union League, were instrumental in bringing the importance of FOM modernization to Garamendi’s attention.
"This letter represents the consistently strong advocacy effort of California credit unions and the California and Nevada Credit Union Leagues, and the importance of our interdependent efforts,” said Ryan Donovan, CUNA’s chief advocacy officer. “I expect Rep. Garamendi is the first of what will be several members of Congress from across the country to comment in support of the proposal because it helps consumers and communities access credit unions."
CUNA has issued an action alert to push the credit union movement to weigh in with their support the proposed rule. Comments will be accepted by the NCUA through Feb. 8, 2016.