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Former NCUA Board Member David Chatfield told CU Times he does not support the NCUA’s proposed rule that would prohibit credit unions from operating in homes.

“I was saddened when I read about the proposed rule, since a great many credit unions began operation in homes of their founders or officers and many have continued in this way without difficulty for most or all of their existence,” said Chatfield, who served on the NCUA board from 1988-1989.  

“It just didn’t seem right or consistent with credit union history and philosophy to prevent them from continuing in this manner if their leadership believes it to be in their members’ interest to do so,” he added.

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