CUNA reaffirmed its support for the NCUA recent rulemaking related to its field of membership rule in response to a lawsuit filed Wednesday by the American Bankers Association against the agency’s final field-of-membership rule.
The NCUA’s final field-of-membership rule was published Wednesday, making it effective Feb. 6. The rule, finalized by the NCUA board in October, facilitates consumer access to credit unions and provides credit unions with more flexibility.
In addition to its vote on the agency’s 2017-18 budget, the NCUA board received two briefings at Thursday’s meeting: one on the 2017 overhead transfer rate and one on the share insurance fund equity ratio and 2017 premium range.
CUNA President/CEO Jim Nussle said credit unions continue to have concerns about the NCUA's rising budget, and said CUNA will continue to recommend common-sense cost-cutting measures in a way that preserves system safety and soundness.
CUNA hopes to see an NCUA budget that reflects considerations brought up in last month’s board briefing Thursday. CUNA, its league partners and member credit unions addressed a number of concerns last month.
The NCUA published its field-of-membership proposed rule in the Federal Register Wednesday, with comments due to the agency by Dec. 9. The proposal makes a number of CUNA-suggested additional changes to the FOM rule finalized by the agency.
The NCUA filed a brief Wednesday to dismiss the lawsuit lodged by the ICBA against the agency and its member business lending rule. CUNA and the National Association of Federal Credit Unions issued a joint statement supporting the agency.