FOM Amendment Is Sought

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NCUA Chairman JoAnn Johnson has been meeting this week with key lawmakers to discuss several agency initiatives, including a request to amend the Federal CU Act so that all credit unions will be able to add underserved communities to their fields of membership. Johnson's effort comes as NCUA was forced to restrict the underserved expansions program to multiple group charters after the American Bankers Association sued to bar community and single-group charters from the underserved program.

The NCUA Chairman told The Credit Union Journal during NAFCU's annual convention that she has received a positive reception from members of Congress, including House Financial Services Committee Chairman Michael Oxley, Rep. Barney Frank, the ranking Democrat on the panel, and Sen. Daniel Akaka, as she explains the agency's efforts to increase credit unions' capacity to provide services to the neediest Americans. (c) 2006 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.

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