NCUA Boardroom. (Photo: NCUA)
Officials with the credit union trade organizations, CUNA and NAFCU, threw their support behind the NCUA's proposed reforms of the field of membership (FOM) definitions and requirements that the agency announced in February.
NCUA's proposal would make nine changes to the Chartering and FOM Manual "to enhance consumer access to financial services, while reducing duplicative or unnecessary paperwork and administrative requirements." It would also make four changes on underserved areas that multiple common bond federal credit unions may seek to add to their FOMs. The agency believes these "changes would streamline existing application requirements and clarify the role of data and criteria that other federal agencies provide relating to underserved areas."
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
