The NCUA’s field-of-membership (FOM) action last week represents a significant victory for CUNA and credit unions, as the agency finalized a number of CUNA-requested changes that will both facilitate consumer access to credit unions and make it easier for credit unions to serve their members. CUNA’s Removing Barriers Blog examines the final and proposed changes in greater detail.
At the meeting, the NCUA board finalized an FOM rule which includes a number of suggestions CUNA made to the agency. The NCUA also issued a new proposed rule that makes additional CUNA-supported changes.
CUNA-requested changes in the final rule include:
The proposed rule: