ALEXANDRIA, Va. (2/20/15)--At the request of National Credit Union Administration Chair Debbie Matz, agency staff provided an update on its field-of-membership (FOM) working group during a discussion about altering a credit union's community charter at NCUA's Thursday board meeting.
Matt Biliouris, deputy director of the NCUA's Office of Consumer Protection, said the group is currently inventorying regulatory changes made to FOM regulations under board's authority. This includes looking at preambles to FOM rule changes in order to track the decisions behind the regulations.
|NCUA Vice Chair Rick Metsger discusses the NCUA's field of membership working group at the board's Thursday meeting. (CUNA Photo)|
He said the working group is looking at three types of changes; ones the Office of Consumer Protection can consider, ones the NCUA board can undertake under current law, and changes Congress will need to make.
"A lot of people and credit unions have expressed interest in the group, we've begun reaching out to those people to let them know we look forward to working with them," he said. "We're putting together a game plan for how we're going to conduct those kind of collaborative efforts to get feedback on specific subject matters."
NCUA Vice Chair Rick Metsger said he has been approached by credit union stakeholders wishing to know more information about a timeframe when decisions might be made.
"Having a timeframe, obviously we can't guarantee anything, but where we can communicate that we hope to have some information here, have to put out some proposals for discussion here, if we can make that more visible to the public that would be very helpful," he said.
Metsger and Biliouris spoke just before the board approved allowing Taunton (Mass.) FCU, with $132 million in assets, to alter its community charter.
See related story in today's News Now about the approval of the Taunton FCU community charter.