WASHINGTON—Changes to the NCUA’s final field of membership rule are expected when the agency holds its open board meeting Thursday, according to CUNA.
The NCUA board will vote on its final field of membership rule during a meeting that begins at 9 a.m. ET. NCUA’s FOM proposal, issued in November, 2015, would make substantive changes affecting the common-bond requirements associated with community, multiple-group, and trade, industry or profession charter types.
“From the looks of the agenda it appears that after NCUA finalizes part of the rule on Thursday it will propose additional changes,” said CUNA Chief Advocacy Officer Ryan Donovan. “And based on what we are observing, the changes probably have something to do with the Administrative Procedures Act. It’s really important today for NCUA to issue this rule within the legal confines of the Federal Credit Union Act and the Administrative Procedures Act.”
While Donovan said CUNA is looking forward to the final rule, and any changes the agency proposes, the trade association will keep in mind, “There is more than one way to make change for a dollar.”
“So as long as the final rule gets to a place where credit unions can more efficiently and effectively serve areas and groups, that is a positive step—even if this might be a little different from what was originally proposed,” said Donovan.
NAFCU President and CEO Dan Berger said that the trade association supports NCUA’s FOM rule as a “necessary measure to allow credit unions to keep pace with changes in state laws, technology and the progress of the financial services industry. NAFCU has also 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.”