In Contrast To Your Bank

A 1982 Interpretive Ruling and Policy Statement allowed many credit unions to develop their memberships and broaden into a number of states. Credit union membership reached seventy one million members by 1997, more than double the variety of members in 1991. This expansion prompted banks to challenge the 1982 regulation as unlawful, a challenge upheld in a 1998 U.S. Supreme Court decision, NCUA v. First National Bank & Trust Within 5 months, each houses of Congress passed a bill signed by President Clinton to overturn the Court’s choice.

Remember, you don’t have to choose between a bank and a credit union. You can have accounts at each a financial institution and a credit union to take advantage of one of the best of both worlds. Tension has always existed between member-owned cooperative credit unions and for-profit banks in the United States. When credit unions have been first organizing within the …