House Panel Hints at Field of Membership Expansion Legislation
The House Financial Services Committee has given an early indication that it may consider legislation that would allow credit unions to expand their fields of membership into underserved areas, reports David Baumann of the Washington CU Daily. Among other issues, the Committee also may discuss making changes to the NCUA Central Liquidity Facility, the difficulties starting Community Development Financial Institutions and Minority Depository Institutions and killing the Office of the Comptroller of the Currency’s “rent-a-bank” rule. The hearing is May 19.
Field of Membership: a Regulatory Vestigial Organ
Chip Filson ponders the ancient practice known as “field of membership” and discusses the numerous options open to potential members willing to go beyond field of membership.
Does Common Bond Matter Anymore?
Today, fields of membership with limited scopes have been replaced with the more generalized community charter. Chip Filson looks at the evolution of the common bond and what we can learn from it.
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