ABA: Action Needed to Ensure NCUA Oversight
November 15, 2021
As the National Credit Union Administration prepares to finalize a rule that would dramatically expand the field of membership requirements for common bond credit unions, ABA called on bankers to urge members of Congress to hold an oversight hearing for the NCUA.
The proposed rule would expand the definition of “service facility,” enabling credit unions to add groups to their fields of membership on effectively a national basis—disregarding the statutory requirement that credit unions be in “reasonable proximity” to the customers they seek to serve.
ABA has vigorously opposed the proposal, noting that it undermines congressional intent and expands the available field of membership for multiple common bond federal credit unions at the expense of providing financial services to underserved areas, including low- to moderate-income communities. Take action now.