U.S. Regulator Proposes New Credit Union Member Rule

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00009162-us-regulator-proposes-new-credit-union-me/

By Kristin Roberts, Reuters

A U.S. regulator on Thursday proposed new rules to prohibit credit unions that serve only one group, such as employees of a single company, from expanding their membership into additional underserved areas.

The National Credit Union Administration, facing a lawsuit filed by a bankers trade group, said it was offering the change in credit union membership rules because the U.S. statute on the issue is “susceptible to different interpretations.”

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