NCUA gets backing on lawmakers on FOM updates
WASHINGTON-House Financial Services Committee Members Steven LaTourette (R-Ohio) and Paul Kanjorski (D-Pa.) wrote to NCUA in support of the board's efforts to streamline, update, and expand its field of membership (FOM) regulations. The letter was sent in the context of NCUA Chairman Dennis Dollar's testimony on the Financial Services Regulatory Relief Act of 2002 (H.R. 3951). "It has been brought to our attention by representatives of the National Association of Federal Credit Unions (NAFCU) that your agency is currently in the process of reviewing credit unions' field of membership regulations," the September 18 letter from the fathers of the Credit Union Membership Access Act read. "As members of the Financial Services Committee we strongly encourage you to use the full latitude conferred upon you by the law when considering issues related to field of membership. Such action by NCUA would enjoy our full support, as an important step in addressing legitimate concerns that some credit unions have brought to our attention in recent months." The lawmakers urged "prompt and positive action" on the matter.