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CU Trades Ask NCUA to Scale Back FOM Notice and Comment Proposal, Applaud Additional Pre-Approved FOMs

The national credit union trade associations, while generally supporting NCUA's proposed changes to its Field of Membership and Chartering Manual, asked NCUA to reassess the requirement for notice to be published in the <em>Federal Register</em>.

By Sarah Snell Cooke | Updated on August 07, 2007

ALEXANDRIA, Va. — The national credit union trade associations, while generally supporting NCUA’s proposed changes to its Field of Membership and Chartering Manual, asked NCUA to reassess the requirement for notice to be published in the Federal Register.

CUNA and NAFCU each said some type of public notice might be appropriate for those community fields of membership that do not meet the prescribed definitions but the publication in the Federal Register may be too much as well as not helpful. For consistency with other financial regulators, NAFCU recommended public notice and comment, similar to the Office of Thrift Supervisions’ Weekly Bulletin. CUNA recommended an additional, separate comment period on this portion of the proposed FOM amendments.

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