ICBA expressed its strong opposition to a National Credit Union Administration proposal to further relax field-of-membership rules for federally chartered credit unions. In a comment letter, ICBA said quadrupling the population limit for most community credit unions to 10 million violates statutory requirements that geographic-based credit unions may serve only a well-defined, local area.
The NCUA has already issued sweeping changes to membership rules, ICBA said, and this proposal would make any remaining restrictions essentially meaningless. Further, the NCUA’s proposal to allow community charter applicants to submit narratives to demonstrate that residents of proposed communities have common interests is also troubling, ICBA said.
ICBA will continue challenging the NCUA’s egregious attempts to expand credit union powers beyond the scope of the law through the regulatory, legislative and judicial processes. Read ICBA Comment Letter.