WASHINGTON—The NCUA board will vote on its final field of membership rule at its open board meeting this week on Oct. 27. That will be followed later in the day by a public budget briefing.
The meeting, scheduled to start at 9 a.m. ET, will also include a vote on a new proposal on field of membership.
NCUA’s FOM proposal, issued November, 2015, would make substantive changes affecting the common-bond requirements associated with community, multiple-group, and trade, industry or profession charter types.
Those changes “represent the first major revamp on these charter types in more than 10 years,” noted NAFCU.
NAFCU expressed support for the proposal but has urged that more be done to give the industry regulatory relief, including: eliminating or increasing the core-based statistical area population, establishing a formal notification process for credit unions making FOM-related applications, and considering new ways to efficiently authorize mergers.
CUNA said it supports the rule, as it would provide greater choice for consumers and provide flexibility for credit unions to better serve their communities.
The meeting will also include a briefing on supplemental capital, a final rule adjusting civil money penalties, an interagency proposal on flood insurance and a name change for the Office of Consumer Protection.
Later Thursday, at 2 p.m. ET, the board will hold a two-hour public budget briefing. Earlier this month NCUA released its 2017–2018 budget proposal that reflects a more than $8-million increase from the 2016 board approved budget.