Field-of-membership (FOM) modernization is all about removing barriers and creating opportunities for consumers and businesses.
It’s a top priority for the CUNA-League advocacy team because language modernizing federal credit unions’ FOM regulations would allow credit unions to fill banking deserts, reach underserved and marginalized communities, and improve consumers’ financial well-being.
In this episode of the CUNA News Podcast, Jason Stverak, CUNA’s deputy chief advocacy officer for federal government affairs, and Emily Leite, chief advocacy officer for the Ohio Credit Union League, discuss the importance of allowing credit unions to change and adapt as an industry to meet members’ evolving needs.
They also explain the specifics of FOM modernization, prospects for a legislative solution, how CUNA, leagues, and credit unions are furthering this priority, and how credit union leaders can assist in this effort.
In this episode:
1:30: Jason and Emily on their path to their current roles
4:35: Political heroes
6:15: How FOM modernization will improve the credit union charter
9:05: What do you want from FOM modernization?
13:39: Prospects for a legislative solution
20:33: How CUNA, leagues, and credit unions are working together
24:01: How credit union leaders can further passage of FOM modernization
28:44: What impact could FOM modernization have on underserved communities?