WASHINGTON (3/11/15)--Rick Metsger Tuesday ssaid Tuesday that credit unions interested in providing insights on field-of-membership (FOM) issues should contact the National Credit Union Administration or CUNA soon. He encouraged them to contact the agency through the new email address email@example.com.
Metsger, who is the vice chair of the NCUA, was addressing an early-morning breakout session at CUNA's Governmental Affairs Conference, which concludes tomorrow.
The NCUA launched a working group earlier this year to study possible updates to FOM rules. The group is looking at three types of changes: ones the Office of Consumer Protection can consider, ones the NCUA board can undertake under current law and changes the U.S. Congress would need to make.
Matthew Biliouris, who is deputy director respectively of the NCUA's Office of Consumer Protection, told the GAC session that working group calls will start later this month and added that the agency wants to pursue an aggressive timeline.
Issues raised during the session by credit unions regarding FOM restrictions include:
Credit union leaders also encouraged the NCUA to look at existing limits that exist in rural areas and eliminate--or at least ease--them.
Metsger encouraged credit unions to work toward consensus on FOM issues: "We want the system to agree on what should be changed."
(For more coverage of Tuesday's GAC breakout sessions, see related News Now stories: Card data security tech not quite enough; On tax reform, anything is in play; and NCUA exam priorities, concerns discussed.)