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Explaining How FOM Fits Under the FCUA is Essential

Shift the focus of deliberations on the FOM proposal to what the FCUA actually says, not what bank groups want it to mean.

By Mary Dunn | Updated on February 21, 2016
field of membership and banker influence FCUA Mary dunnWe have to hand it to the bank trade groups when it comes to sheer tenacity in opposing credit union growth. Along the lines of a current commercial, if you are a bank trade group, that is just what you do.

Undeniably, credit unions rightly question NCUA policies on a regular basis – which makes charges that the NCUA is an “industry cheerleader” laughable.

However, as last year indicated, the NCUA has had some rough times with Congress, and the bank groups’ continuing tactics to discredit the agency build on concerns about its ability to implement the Federal Credit Union Act. Also, the bank groups’ efforts can delay final application of important changes such as the NCUA’s pending field of membership proposal, particularly if they decide to challenge it in court.

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