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Latest Regulatory Grid Available Online; Comments Needed on FOM
Tuesday, December 15, 2015 7:05 AM

The latest Cornerstone Credit Union league Regulatory Grid Summary is available online now here. This informative summary gives you the most up-to-date details about current federal and state comment calls for proposed rules and regulations.

The hot topic this time around is NCUA’s Field of Membership (FOM) proposal. As you may have heard, the bankers are pushing back on this hard and have already filed scores of letters. As a result, Cornerstone and Credit Union National Association are shooting for a very large number of form comment letters from credit unions in addition to the more unique letters usually requested.

Comments are due Feb. 8, 2016, but we would like to obtain them as soon as possible. Cornerstone's regulatory engagement committee will be discussing the topic on Jan 6 and would like to have significant credit union feedback to present to the group; therefore, comments submitted early (and copied to Suzanne Yashewski) are much appreciated.

Credit unions are encouraged to send a form letter email to NCUA and their members of Congress through Voter Voice. This is the form letter sent 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.

The grid includes a summary of the proposal which can be found here in its entirety. 

Don't forget to copy Suzanne Yashewski on your unique comment letters so we can track participation and formulate a league letter reflective of our members’ perspectives. If you have any questions about this summary or comment calls, contact Suzanne Yashewski at syashewski@cornerstoneleague.coop or 512-853-8516.