Field of membership (FOM) was the focus of a credit union meeting with NCUA Vice Chairman Kyle Hauptman on Monday. America’s Credit Unions’ Andrew Morris and a group of credit unions met with the vice chair, sharing stories of their efforts to add underserved areas to their FOM, current challenges at hand, and potential ways to make the process easier.
America’s Credit Unions supports FOM modernization to allow increased access to credit unions to allow more people to join and partner with a credit union.
The organization wrote to Congressional leaders about FOM and other ways to modernize credit union opportunities earlier this year, and has engaged with policymakers how changes would help increase financial inclusion, improve housing access, reduce homeownership gaps and more.
