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Reminder: Comments Needed on Field of Membership Proposal
Thursday, January 21, 2016 6:50 AM

Cornerstone would like to remind credit unions that the National Credit Union Administration's proposed field of membership (FOM) rule is open for comment. Comment letters are due to the NCUA by February 8, 2016.

NCUA's proposed FOM rule would provide extra flexibility for federal credit unions of all federal charters. These changes should give federal credit unions additional flexibility in determining areas and people to serve that are not available in the current regulation. 

The bankers are pushing back on this hard and have already filed scores of letters. As a result, Cornerstone and CUNA are shooting for a very large number of form comment letters from credit unions in addition to the more unique letters usually requested.

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.

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.