ALEXANDRIA, Va. (2/4/16)--Rep. Doug LaMalfa (R-Calif.) is the latest member of Congress to support the National Credit Union Administration’s (NCUA) field-of-membership proposal, calling it an important modernization of the agency’s regulations.
The California Credit Union League coordinated with LaMalfa to submit the letter, which is the fourth letter of support from a California legislator.
“The proposal would provide credit unions with much needed flexibility in establishing an appropriate field of membership for their members, allowing them to serve consumers they are not presently able to serve,” LaMalfa’s letter reads. “The changes would lead to a stronger and more efficient credit union system framework."
LaMalfa added that the proposal would help the NCUA fulfill one of its primary missions by allowing federally insured credit unions to remain “a viable option to consumers,” and is therefore consistent with what Congress has asked the NCUA to do.
“I applaud your efforts to make it easier to serve rural and underserved areas, many of which have seen other providers pull back their offerings in the wake of the financial crisis,” the letter reads. “Credit unions want to serve the consumers and small businesses in these areas and this proposal will help them do that.”
The Credit Union National Association (CUNA) submitted its comment letter Wednesday (see “CUNA fully supports FOM proposal, maintains NCUA can provide further relief” in today’s News Now), and urges credit unions to send their own letters before the Feb. 8 deadline.