Last November, the NCUA Board issued its proposed rule on field of membership. On Oct. 27, having received approximately 11,000 comment letters, the NCUA is coming full circle. The agency is scheduled to finalize its field of membership proposal and propose a new field of membership rule.

If the NCUA addresses many of the concerns NAFCU and our members have submitted to the agency, the new FOM rule will help ease some of the stifling regulatory burden that hinders credit unions’ ability to develop and serve their communities. Clearly, consumers are interested in credit unions — membership has reached nearly 105 million — and credit unions would like to serve more but are prevented from doing so based on existing regulations.

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