The National Credit Union Administration (NCUA) board today voted in favor of changes to modernize the credit union field of membership rule that have long been advocated for by the CUNA/League system. Following the board vote, Credit Union National Association President/CEO Jim Nussle released the following statement:
“We appreciate the work NCUA has done to modernize credit union field of membership. As a result of advocacy efforts by CUNA, the Leagues and credit unions, the final rule provides more flexibility in the definition of communities. This will facilitate consumer and small business access to credit unions and make it easier for credit unions to serve their members. We commend NCUA for the inclusive and transparent process it undertook and for listening to stakeholder comments aimed at improving the final rule.
“As a result of new ideas raised in the comment period, NCUA has proposed additional changes to the field of membership rule which we are closely reviewing. Several issues the CUNA/League system urged for inclusion in the final rule are being considered in this proposed rule including expanding to a 10 million person population limit and using the full narrative approach. We’re looking forward to continuing to work with the agency to ensure more consumers are able to have more access to credit unions.”