Rep. Bera: FOM proposal ‘adheres to Congressional intent’
WASHINGTON (2/9/16)--As the comment period ended on the National Credit Union Administration’s (NCUA) field-of-membership proposal Monday, former credit union board member and now Rep. Ami Bera (D-Calif.) wrote in support of the agency's proposed modernizations.
The California Credit Union League coordinated on the letter with Bera, who served on the board of American River HealthPro CU, Rancho Cordova, Calif., and is the fifth member of Congress to write in support of the proposal.
"As a member of Congress with a background in credit union operations, I am pleased to see that the modernization of the federal charter adheres to the Congressional intent of the Federal Credit Union Act,” he wrote. “American consumers need access to affordable and honest financial services. Affording credit unions the opportunity to serve greater geographic statistical areas helps consumers find new access to the financial services they need.”
Bera noted that he was especially pleased that the proposal includes modernizations in the trade industry or profession--TIP-- charter and the expansion of membership eligibility to include the boundaries of congressional districts.
The NCUA’s proposal, strongly supported by the Credit Union National Association (CUNA), would provide greater choice for consumers, as well as flexibility for credit unions to better serve their communities. CUNA urges the NCUA to use its existing legal authority to go even further to update the membership rules for credit unions.
“Competition among federal and state charters provides credit unions with valuable options in determining how to best serve their member-owners,” Bera wrote.
Reps. John Garamendi (D-Calif.), Brad Sherman (D-Calif.), Ted Lieu (D-Calif.) and Doug LaMalfa (R-Calif.) also wrote to the NCUA in support of the proposal. (See related story: CUs use CUNA resources for thousands of FOM comments.)