Industry Shows Creativity and Lack Thereof: Editor/Publisher's Column
Staring down shrinking margins and the confusing moniker “credit union,” some have gotten creative with their fields of membership. This is not a particularly new phenomenon but one that has garnered attention from an L.A. blogger who was just looking for a credit union to join. She’s had a great member experience and wanted to share the news through her blog.
And here again, we hit on something average consumers do not understand: Credit unions weren’t initially intended to be open to everyone. They have restricted fields of membership. The Federal Credit Union Act requires a common bond. Policies, like the ones at these multiple-SEG credit unions, meet the letter of the law but sucker punch the spirit of it.