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Article: NCUA tightens rule on rights of elderly to join credit union. (National Credit Union Administration)(Brief Article)
- Article from:
- American Banker
- Article date:
- April 9, 1996
- Author:
CopyrightCOPYRIGHT 1996 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The National Credit Union Administration has backed off a long-standing policy allowing senior citizens and retirees to establish associations solely for the purpose of joining or forming federal credit unions.
As of July 1, senior citizen and retiree groups must meet the same conditions as other associations when applying to join or charter a federal credit union.
Under the revised rule, published by the agency in the March 22 Federal Register, the regulator will consider whether members of these groups pay dues, have voting rights, hold offices, have meetings, and generally have a purpose other than to obtain credit union services.
The changes were ...