A rule proposed by the NCUA Board in December would prohibit running credit unions out of personal residences. In introducing the rule, the NCUA stressed that home-based credit unions put examiners at risk and could compromise the regulator's ability to examine the institution.
In her editor's column published in Credit Union Times' Jan. 8, 2014 issue, Publisher/Editor-in-Chief Sarah Snell Cooke supported the measure, saying the very fact that the agency had to issue a rule about home-based credit unions was preposterous.
Readers disagreed, citing the successful history of start-up credit unions run out of less formal spaces.
Read more about the proposed rule, Cooke's editorial and letters received from readers at the links below.
Growing From the Home Office: Letter to the editor from Jim Miller Sr., president/CEO of Liberty Savings FCU.
Now, Really, Who's Preposterous?: Letter to the editor from David Lenoir Sr., League of Southeastern Credit Unions.
Location Not All That Matters: Letter to the editor from Brian Gately, CEO of Credit Union Consulting Services.
It's All About Location, Location, Location: Executive editor's column by Sarah Snell Cooke
Fryzel Votes Against Home-Based CU Rule: On-site coverage of the NCUA Board's December meeting and details about the proposed rule.
Matz Says Home-Based CUs Need to Move Out: The NCUA chairman explains in this video interview why the agency feels its employees are at risk working in private residences.
Fryzel Defends No Vote: Watch the NCUA board member explain why he does not support banning home-based credit unions in this video interview.
Metsger on Moving Home-Based CUs: Where does the board's third swing vote stand on the proposed rule? Find out by watching this video interview.