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NAFCU is delighted that Sarah Snell Cooke’s Feb. 4 Credit Union Times editorial, “Field of Membership Needs a Complete Overhaul,” echoes our concerns about the NCUA’s field of membership rules and our call for long-overdue changes.

While the NCUA has taken a step toward change in setting up a working group to examine FOM issues, credit unions need action now.  We have lost more than 1,000 credit unions, at a clip of over 200 per year since the implementation of the Dodd-Frank Act. Simply put, credit unions cannot afford to have the NCUA continue to study the issue without implementing some changes.

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