Something disturbing happened during the May meeting of the NCUA board when it approved the underserved 2 million potential member field of membership expansion for Arizona-based $215 million AERO Federal Credit Union.

Apparently the federal credit union charter remains so hobbled by anachronistic rules that a well-capitalized institution that has been in operation for over half a century still has to beg its regulator for permission to serve more consumers.

AERO FCU deserves accolades for its efforts to grow its membership, but it shouldn’t have had to engage in such a convoluted regulatory kabuki dance to do it.

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