WASHINGTON (1/25/16)--Credit union stakeholders have two weeks from today to submit comment letters on the National Credit Union Administration’s (NCUA) field-of-membership proposal, and the Credit Union National Association (CUNA) is urging all credit unions to comment on the proposal. Comments on the proposal are due Feb. 8.
“There’s still time to get comment letters in, and we’d really like to see a record number of submissions from credit unions supporting this proposal,” said Ryan Donovan, CUNA’s chief advocacy officer. “Letters reflecting official league and credit union positions will give us a strong, united voice of support, which is important not only to show the importance of giving consumers better access to credit unions, but to counter inaccurate bank attacks on this proposal.”
The American Bankers Association and Independent Community Bankers of America wrote to House and Senate leaders last week, claiming the regulation surpasses limitations present in the Federal Credit Union Act.
Donovan said CUNA is working on its response to the bankers’ “factually incorrect” arguments in a letter to congressional leadership.
The NCUA’s proposal is designed to provide greater choice for consumers while adding flexibility for credit unions to better serve their communities.
The proposal contains a number of changes CUNA advocated for, including: