Thank you for sharing!

Your article was successfully shared with the contacts you provided.
FOM rules blasted by bankers.

The Field of Membership rule adopted by the NCUA board Thursday obliterates the statutory limits that Congress imposed on credit unions, banking trade groups said Thursday.

​“The fact that the NCUA today chose to allow tax-exempt credit unions to make up what constitutes a ‘well defined local community’ is disappointing, but given previous decisions, not terribly surprising,” said American Bankers Association President/CEO Rob Nichols. “The reality is the rule approved today effectively allows large credit unions to operate with no membership limitations at all, well beyond Congress’ original intent.”

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

David Baumann


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.