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Bankers Launch Grassroots Opposition to FOM Proposal; Critical for CUs to Comment by Feb. 8
Tuesday, January 26, 2016 6:40 AM

Ryan Donovan, Credit Union National Association's chief advocacy officer, said in his weekly advocacy update that bankers have launched grassroots in opposition to NCUA's Field of Membership proposal. Donovan reports that as many as 500 letters from bankers have been sent to NCUA, and more could be on the way.

"We always knew the bankers would try to influence the comment process," Donovan writes, "and their activity serves as an important reminder that we need to continue to make our voice heard. Last week, we released a new comment letter guide to help credit unions develop substantive comment letters. These letters are crucial to moving NCUA's positive changes across the finish line.  

The bankers also sent their missives to Congress, Donovan noted, and CUNA will be sending a response this week once the government opens. "We will identify the factual inaccuracies in the bankers' message and expose their disturbing perspective that Americans should have less access to affordable financial services," he writes.

Send Your Comment via PowerComment before Feb. 8 Deadline.

Credit unions are encouraged to send an email to NCUA and their members of Congress through Voter Voice, a form letter for the purpose of increasing numbers. Unique letters from the CEO are also highly appreciated and will make an even bigger impact, but the form letter is a quick and easy way to make a numbers impact. Multiple employee letters from the same credit union are allowed and encouraged.

Please refer to Cornerstone's Regulatory Grid Summary or CUNA's Comment Calls page for more details about this proposal and writing your comment letter. Don't forget to copy Suzanne Yashewski so the league can track participation.

If you need help in crafting your own letters, or if you have questions, please contact Cornerstone Credit Union League SVP Regulatory Compliance Suzanne Yashewski at syashewski@cornerstoneleague.coop or 512-853-8516.