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.

The field of membership is an antiquated concept that should be abolished. Until it is changed, the law is what it is, and credit unions will get creative to work their business strategies within it. Some credit unions' strategies are to stay tight knit, even regret converting to community charters. That's their choice. However, the others that prefer to work on volume shouldn't have to get cutesy with their membership policies to achieve that.