Credit Union Powers

Where We Stand

The rationale for expanded credit union powers is quite simple: credit union powers are based on their not-for-profit, member-owned, and community-based structure. Because credit union members own their financial institutions, the decisions credit unions make reflect the needs and interests of their memberships. This member-control is the basis for providing credit unions with wide authority to serve their members.

Impact on Credit Unions

Limiting the powers of credit unions does not adversely impact a board of directors or a group of stockholders, but instead the member-owners who want their credit union to serve all of their financial needs.

Victories We've Won

2018 Second Field of Membership rule that provides community-chartered credit unions an option to apply for an expanded field of membership via narrative approach to serve a well-defined local community exceeding 2.5 million persons.  CUNA originally asked for NCUA to allow the narrative approach in a 2015 letter to then Chairman McWatters and subsequent comment letters to NCUA.

 

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