WASHINGTON (2/12/16)--Nonprofit, nonpartisan public policy research organization R Street Institute wrote to the National Credit Union Administration (NCUA) in support of the agency’s field-of-membership proposal. R Street has advocated on other issues key to credit unions, such as member business lending, interchange rules and credit union tax status.
“While the proposed regulatory reforms do not resolve all unreasonable field-of-membership limitations currently imposed on federal credit unions, they are a step in the right direction,” wrote Eli Lehrer, president of R Street. “NCUA is right to act ‘to ease any undue burdens and restrictions on a federal credit union’s (FCU) ability to provide services to consumers who are eligible for FCU membership.”
Specifically, Lehrer pointed out the well-defined community standard, expansion of trade, industry or professional common bonds and the armed forces veterans expansion as parts of the proposal deserving special praise.
The NCUA’s proposal is designed to provide greater choice for consumers while adding flexibility for credit unions to better serve their communities. The NCUA has received at least 11,000 comments on the proposal, agency Chair Debbie Matz said this week.
CUNA fully supports the proposal, and in its comment letter, suggested a few changes that would allow the NCUA to go further in ensuring more consumers have access to credit unions.