LaTourette emphasizes NCUA need to review FOM restrictions; reassures on bankruptcy reform

WASHINGTON-Father of H.R. 1151, Congressman Steven LaTourette (R-Ohio) reemphasized the need for NCUA to utilize H.R. 1151′s field of membership (FOM) provisions to the fullest extent intended by Congress. He sent a letter last week, also signed by Credit Union Membership Access Act (CUMAA) co-sponsor Paul Kanjorski, encouraging NCUA Board members to move quickly to review their regulations. The agency is currently undergoing its most recent of a number of revisions to the FOM rules. “Our feeling is that our law was fairly clear when we wrote it and the intent of our law was to make credit union membership more readily available,” LaTourette said of CUMAA. “We hope that the NCUA will abide by the spirit and intent of the law and not resort to a restrictive interpretation that negatively affects field of membership.” LaTourette also told attendees of NAFCU’s Congressional Caucus last week that he “remain[s] optimistic that before we leave, [Congress] can do this because we need to pass H.R. 333.” He stated that the number of bankruptcy filings continues to spiral out of control and cited statistics that the 12-month period ending June 30, 2002 saw a record 1.5 million new cases. [email protected]