Morning Scan: Restricting Credit Union Membership; New York Fed'...

Wall Street Journal

Now, not everyone can join. In response to complaints credit unions have expanded beyond their original mission to serve specific population groups, the top regulator of federal credit unions approved new rules limiting CU membership qualifications. Credit unions will no longer be allowed to set up charities and other associations, under their so-called Field of Membership rules, for the sole purpose of attracting new members. The National Credit Union Administration approved the rules...