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Credit Union Input Needed as Deadline Looms for Federal FOM Comment Letters

Jan
31
Credit Union Input Needed as Deadline Looms for Federal FOM Comment Letters

Credit union advocates across Kansas and Missouri are encouraged to submit comment letters to the National Credit Union Administration (NCUA) in favor of proposed revisions to the Chartering and Field of Membership (FOM) Manual. Banker letters in opposition, including those from staff, have started to arrive in large numbers during these last few days of the comment period.  

Posted By Amy McLard read more

ABA Complains Proposed Sponsor Expansion Creates Overly Broad FOM

Feb
11
ABA Complains Proposed Sponsor Expansion Creates Overly Broad FOM

The American Bankers Association (ABA) complained in a letter sent to the National Credit Union Administration (NCUA) that Thrivent FCU sponsor’s expansion of its common bond from Lutheran to all Christians would create a field of membership (FOM) that is overly broad. The sponsor, Thrivent Financial for Lutherans, is scheduled to vote in March whether to expand its common bond membership from Lutheran to Christian. The ABA worries that this would automatically expand Thrivent FCU’s field of membership to all Christians, which it feels is overly broad.

Posted By Sharon Bahr read more
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