The National Credit Union Administration (NCUA) voted Oct. 27 to
approve a new Field-of-Membership (FOM) rule that, if implemented, would allow
federal credit unions more options and make credit unions more widely available
to consumers.
NCUA made two key changes from the proposed rule, in response to
comments received after the proposal. The regulator said it would defer action
on those areas as part of an “incremental approach” to changes.
The Independent Community Bankers of America, which is suing NCUA over its member business lending rule and threatened legal action on the FOM rule, strongly opposed NCUA’s FOM changes. Read on for more details.
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