The banking lobby has been making noise lately about the NCUA's recent field of membership proposal. No big surprise there. As with their constant badgering about the 80-year-old federal credit union tax exemption, bankers complaining about credit union FOM rules is as certain as death and taxes – and about as creative.
The banking lobby would have you believe that the NCUA's most recent proposal to amend FOM rules goes well beyond what the statute allows. It is the same tired argument they have used for years.
The problem with their argument is they are flat out wrong and they know it.
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