NAFCU asks NCUA to consider additional FOM reforms

NAFCU Regulatory Affairs Counsel Dale Baker Tuesday offered the association’s support for the NCUA’s proposed rule to reform several of the agency’s field of membership requirements (FOM) and definitions, but made some recommendations to strengthen the rule to “further improve Americans’ access to credit union services.”

The proposal includes NAFCU-sought changes to expand membership eligibility to all immediate family and household members of a deceased member. The proposal also aims to enhance consumer access to financial services while reducing administrative burden and streamlining portions of the federal credit union chartering and conversion processes.

Baker asked the NCUA to:

  • maintain the Chartering and Field of Membership Manual’s standalone secondary member groups for surviving spouses, rather than combining it with the group that encompasses other immediate family and household members;


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