League advocates for FOM updates
Published by: Sean Brown
June 14, 2023 | Regulatory
The People Helping People philosophy can only flourish when your credit union is able to do just that: help people. Credit unions’ ability to grow, thrive, and deepen their impact on the communities they serve is restricted to the pace of field of membership regulatory growth. That is why the League took the opportunity to submit on the National Credit Union Administration’s (NCUA’s) notice of proposed rulemaking to amend its chartering and field of membership rules. While the League supported the NCUA’s moves to eliminate inefficiencies and make common sense updates, the League recommended additional updates were necessary to bring field of membership into the 21st century. Namely, the League argued that including remote employees as a fifth affinity group is crucial given the current and increasing remote work posture of today’s workforce. Be on the lookout for more information or opportunities to get involved, as this rule progresses through the regulatory process.
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