ALEXANDRIA, Va. (10/15/15)--The National Credit Union Administration should present a field-of-membership (FOM) proposal that will “foster and facilitate credit union growth,” board member J. Mark McWatters wrote in this month’s The NCUA Report.
In his monthly column, McWatters expanded on ideas he presented last month and explained that the most significant changes to FOM must come from Congress.
“NCUA has an important role to play, but in order to accomplish meaningful relief on field of membership, credit unions will need to agree upon and decide what changes they want to pursue and develop a plan of action for success in Congress,” McWatters wrote.
The NCUA currently has a working group dedicated to FOM issues, and CUNA has met with the agency numerous times to discuss the details. CUNA Senior Director of Advocacy Lance Noggle explained these issues and details in a recent piece for Credit Union Magazine.
In her monthly column, NCUA Chair Debbie Matz highlights the successful return of Keys FCU, Key West, Fla., to its members’ control after being placed into conservatorship in September 2009.
“Keys is a conservatorship success story,” Matz wrote. “As counterintuitive as it may seem, this conservatorship ultimately saved the credit union from failure and saved the share insurance fund from millions of dollars in losses.”
Other items in this month’s NCUA Report include: