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Cornerstone Extends Thanks to CUs Sending FOM Comment Letters
Wednesday, February 10, 2016 7:00 AM

The Feb. 8 deadline has passed to send in your comment letters for NCUA's proposed field-of-membership (FOM) modernizations, which proposed many beneficial changes to the rules determining who credit unions can have as members. Cornerstone Credit Union League and the Credit Union National Association both strongly supported the proposed improvements.

Cornerstone would like to extend an enormous thanks to credit unions that answered the call and submitted their comments on the FOM issue. You can view the comment letter from Cornerstone here.

In total, NCUA received more than 10,000 comment letters. As expected, many of these letters were submitted by bankers in opposition to the proposal, so it was essential that credit unions were active in the comment process.

“With bankers launching an all-out attack on the proposal and attempting to tie it to the credit union tax exemption, a strong credit union response was critical to defend our position," said SVP Regulatory and Compliance Suzanne Yashewski. "But we must remain vigilant. I encourage all credit unions to join us in our regulatory and advocacy comment efforts." 

And don't forget, all Cornerstone credit unions can earn member engagement points when they participate in regulatory and legislative advocacy.