Bankers Stuff The FOM BallotBox

ALEXANDRIA, Va. - (02/05/03) -- The banking community came out fullforce against NCUA's proposed FOM amendments, as bankers submittedwell over half the 480 comments collected by NCUA during thejust-concluded 60-day public comment period. Theunprecedented outpouring of bankers comments included 150 formletters from Florida bankers, all of them identically worded inunanimous opposition to the proposed easing of NCUA's FOM rules.Though many of the commenters did not identify themselves asbankers they came from email addresses like 'keysbank.com,''compassbank.com,' and 'fidelityfederal.com,' all of them assertingthe proposals "appear to be intended to allow credit unions toexpand essentially without meaningful limitation." The bankersunanimously opposed the proposals to expand community FOMstandards; include ATMs as a means for expanding via 'reasonableproximity'; and the so-called TIPs proposal allowing credit unionsto organize by entire trades, industries or professions. While NCUABoard members have insisted the rulemaking process is not areferendum, the Board has rarely approved regulatory proposalsopposed by a clear consensus of commenters, at least a consensus ofthe credit union movement.