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Voting Poll Results: Forget the Bankers When Evaluating FOM Options

WEST PALM BEACH, Fla. - Damn the bankers, credit unions should continue to add large FOMs as long as they meet regulatory requirements. That was the take of the majority of those voting in Credit Union Times' just expired voting poll. NCUA's recent approval of the 10-million potential member Los...

By Staff Writer | Updated on August 31, 2004

WEST PALM BEACH, Fla. – Damn the bankers, credit unions should continue to add large FOMs as long as they meet regulatory requirements. That was the take of the majority of those voting in Credit Union Times’ just expired voting poll. NCUA’s recent approval of the 10-million potential member Los Angeles County to the $300 million LA Financial CU predictably drew fire from bankers for its sheer size. Given the current battle with bankers, Credit Union Times wanted to know what readers felt about this large FOM approval. The expired question and results are as follows: Even if the 10-million person Los Angeles County technically qualifies as a “well-defined community” under NCUA regs, should credit unions really be adding FOMs this large given the current bank v. credit union climate? * No, the timing is bad and it helps fuel the banker case

23.73% * No, no single CU can effectively serve an FOM that large

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