NCUA Board Chairman Debbie Matz urged credit union leaders and other stakeholders to proceed with caution when asking Congress for field of membership changes. A number of federal credit unions have converted to state charter, citing FOM as a primary reason.
"If we think there was a lot of opposition to member business lending changes, we haven't seen anything like the opposition that will arise from field of membership changes. I think it will be very aggressive. I think that will be the bankers' new rallying cry," Matz said in an interview.
"Any change that Congress considers will be countered by the bankers, and there's no guarantee that at the end of the day the charter will be enhanced for credit unions. So, I think we need to tread very lightly," she added.
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