NCUA Chairman Rick Metsger took time from his busy schedule to discuss the latest Field of Membership rule status, along with possible push back from the banking community, future FOM adjustments, advice for credit unions in these changing times, and much, much more.
Here's what we asked him:
Now that the NCUA has approved the modernizing credit unions' FOM rule, how does it feel to get past this latest hurdle?
Any push back from the banking community? If so, what is their issue?
What do you say to those in banking community who are at odds with this rule?
Credit unions for the most part seem to be happy with this modernization. But there are those who want more. What else is there that's being considered for the future to mitigate the regulatory burden?
Seems like the FOM topic is like owning a home -- there's always something to work on. That said, any advice for credit unions during the comment period, as there's always something new on the horizon?
To wrap up, you said in a recent article: "To the best of my knowledge, no credit union has ever failed because its Field of Membership was too large. But some credit unions have failed because it was too small." Can you expand on this statement for us?
Always a pleasure having the Chairman stop by our virtual studios. Check it out and let us know your thoughts.
Mike Lawson, Host
Married to a most gorgeous and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.