Making the case for modernizing outdated FOM laws

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Cornerstone League President/CEO Caroline Willard recently wrote a highly topical op-ed covering the benefits of modernizing the field-of-membership rules in the United States. This op-ed was published in CUInsight.

"Unfortunately, the misperception that current regulations are fair prevails among some lawmakers," Willard writes. "Many elected officials—undoubtedly influenced by the banking lobby—may not fully appreciate the headwinds that credit unions are facing. If they are not properly educated on the benefits of modernizing FOM rules, elected representatives won’t feel compelled to support legislation that allows credit unions to grow."

The timing for this piece could not have been better. Cornerstone League staff and Missouri credit union leaders streamed into the Jefferson City for Day at the Capitol on Tuesday, urging lawmakers to break down the barriers preventing more than 200,000 Missourians from having access to a local credit union.

Please share this article with your networks, as the FOMs issue extends beyond state lines. All Americans deserve access to affordable financial products and services. If you can help spread awareness, you can help make that a reality for your communities.  

Also, please check out our FOM resources on the Cornerstone League website. We are carefully compiling data to help bolster our case for modernizing outdated FOM laws. Your use of these materials helps bring awareness to the issue.  

If you’re curious about Cornerstone advocacy and your role in supporting credit union advocacy, please take a look at the following video: What Cornerstone Advocacy Does.