Rep. Heck: FOM proposal brings CUs ‘much needed flexibility’
WASHINGTON (2/12/16)--The National Credit Union Administration’s (NCUA) field-of-membership proposal is an important modernization that will enhance safety, soundness and services of the credit union industry, Rep. Joe Heck (R-Nev.) wrote this week.
The Nevada Credit Union League, which coordinated with Heck to make sure the NCUA became aware of his support, was instrumental in getting the letter submitted.
“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,” Heck wrote. “The changes would lead to a stronger and more efficient credit union system framework.”
Heck also said the proposal would allow federal charters to compete more effectively with state charters that have seen aggressive changes in recent years.
“One of NCUA’s primary missions is ensuring federally chartered credit unions remain a viable option to consumers; therefore this proposal appears consistent with what Congress has asked NCUA to do,” he wrote.
Heck is the seventh legislator to write in supporting the proposal, and the NCUA has received more than 11,000 comments total. Reps. John Garamendi (D-Calif.), Ted Lieu (D-Calif.), Brad Sherman (D-Calif.), Doug LaMalfa (R-Calif.), Ami Bera (D-Calif.) and Linda Sanchez (D-Calif.) previously wrote in support of the proposal.
The California and Nevada Credit Union Leagues have worked with multiple members of Congress from the two states to show support for the NCUA's proposed rule, and specifically acknowledged the support of Dennis Flannigan, president/CEO of Great Basin FCU, Reno, Nev., for his assistance with gaining support from the delegation.
“Thanks to the California and Nevada Credit Union Leagues for working so hard to get congressional support for this vital proposal on the record,” said Ryan Donovan, the Credit Union National Association’s chief advocacy officer. “This proposal will give consumers greater choices and credit unions more flexibility to serve them, and support from policymakers and credit union stakeholders is crucial to ensuring it’s finalized.”