Washington State Regulator Takes Steps To Streamline FOM Expansions
A proposal to streamline field-of-membership applications has state-chartered credit
The next step is a public hearing on the proposal set for Jan. 23.
The new rule proposes that CAMEL 1 or 2 rated credit unions skip the time-consuming regulatory process and add
"If the board votes it in they don't have to go through the regulatory process," Augustine explained.
The proposal does limit qualified occupational, association or community groups to no more than 6,300 potential
"The reason we got 6,300 was the regulator did a statistical analysis of credit unions that have been started in
But a proposed FOM can exceed that number as long as it is already part of another credit union's FOM, according
In order to protect smaller credit unions from being overwhelmed by larger credit unions, a marketing provision was
The rule will serve Washington credit unions well, Cann believes. "We approve nearly 100% of these applications
Because comment letters have all been favorable and opposition is unexpected, Cann said he hopes to complete the