Credit unions dealt blow in bid to expand membership

American Banker, November 18, 2021, Credit Unions Dealt Blow in Bid to Expand Membership

A National Credit Union Administration proposal governing shared credit union service facilities that had attracted vocal opposition from banker and consumer groups, not to mention the agency’s own chairman, has undergone a significant rewrite that left few on either side of the debate completely satisfied.

Even a community activist group, the National Community Reinvestment Coalition, had joined banks in opposition to the plan earlier this week. They wrote in a letter to lawmakers that credit unions would have been allowed to “cherry pick” more affluent customers in other markets at the expense of low- and moderate-income consumers closer to home.