ALEXANDRIA, Va. (12/22/14)--Matt Biliouris, the National Credit Union Administration's (NCUA) deputy director of its Office of Consumer Protection, shared information about the agency's planned working group on field of membership (FOM) with Credit Union National Association's Deputy General Counsel Mary Dunn last week.
The working group, in addition to one on supplemental capital, was announced at the agency's Dec. 12 open board meeting.
Biliouris said that the FOM group will study current field-of-membership regulatory requirements and how they can be improved without making legislative changes to the Federal Credit Union Act.
The NCUA plans to form the working group in early 2015 with the hope of making a recommendation to the board and staff by the middle of 2015.
The working group will consist of roughly 10 to 12 NCUA staff members who will be responsible for studying the issues and reviewing input from stakeholders, including credit unions, the state credit union leagues and CUNA.
Biliouris said he looks forward to working with staff at NCUA and consulting with stakeholders who not only have extensive experience with field-of-membership matters, but also possess creativity in "thinking outside the box."
While the number has not been determined, credit unions and others will be invited to meet with the working group in a consultative role and to serve as a resource for ideas to address FOM regulatory concerns.
Biliouris said that the agency looks forward to working with CUNA and others to recommend credit unions that want to provide their views directly to the NCUA.
"CUNA has already developed a number of field-of-membership improvements and talked with Matt about sharing our updated list even before the working group is organized," Dunn said. "We welcome the field-of-membership review and will be weighing in with the working group as it is organized and throughout its considerations and the development of its recommendations."