Rick MetsgerField of membership is an issue which has concerned me for some time, ever since I served on the board of one of my local credit unions, and later when I shepherded modernization of Oregon’s FOM rules through its legislature. FOM is an issue which I believe we can start addressing through regulation, and continue to work on through statutory changes. These changes can help federal credit unions grow and serve more Americans, especially those of modest means.

In the decade and a half since the passage of the Credit Union Membership Access Act of 1998, online and internet banking have exploded, the financial services industry has consolidated and many states have modernized their state charters.  Unfortunately, the federal charter has not kept up with these changes. 

It needs to be modernized, and that is something you and I can both work on.

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