CUNA Statements on FOM, Nonmember Deposits Following NCUA Board Meeting

FOR IMMEDIATE RELEASE   

October 24, 2019   

Washington, DC    

CONTACT:         

Lauren Williams        
CUNA Communications        
202-672-3396     

Credit Union National Association (CUNA) Official Statements following the National Credit Union Administration (NCUA) Board Meeting

Regarding nonmember deposits

“We thank NCUA for retaining the $3 million alternative cap in its final public unit and nonmember shares rule. As stated in our comment letter to the agency, we believe that removing the alternative limit could have harmed several credit unions that currently use the $3 million alternative cap, mostly small institutions, so this is a welcome change for them.

– Elizabeth Eurgubian, Deputy Chief Advocacy Officer & Sr Counsel

Regarding field of membership

“Today’s proposal is consistent with Chairman Hood’s stated approach to implementing the D.C. Circuit Court of Appeal’s ruling, and we thank the agency for moving quickly to address this issue. We have long supported NCUA using the authority granted by Congress to ensure credit unions are able to serve members throughout the country, and look forward to sharing our feedback with NCUA.”

– Elizabeth Eurgubian, Deputy Chief Advocacy Officer & Sr Counsel

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About CUNA:          
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 115 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.