ARLINGTON, Va.—NAFCU again has shared its support for NCUA’s proposal to update its field of membership rule, urging the agency to make changes to its FOM amendment process and procedures.
In a letter to NCUA, NAFCU Senior Regulatory Affairs Counsel Michael Emancipator emphasized that many federal credit unions are expected to take advantage of the modernized FOM rules, Emancipator wrote, and that the agency is likely to see a surge of applications for FOM charter amendments.
Emancipator added that “NAFCU has received feedback that indicates the current and proposed processes are too cumbersome.” He suggested that the agency adopt a standard period of time to respond to federal credit union’s application and amendment requests, update its online FOM application and streamline the application process.
Specifically, Emancipator urged the agency to “similarly streamline the amendment application process for community charter credit unions looking to expand their boundaries within their single political jurisdiction or statistical area.”
NCUA said it has completed review of the more than 11,000 comments it received on its FOM proposal. Emancipator, with NAFCU Regulatory Affairs Counsel Ann Kossachev, met last month with NCUA to discuss this proposal.