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Article: Credit Unions Already Have Tools To Serve the Poor.(Federal Credit Union Act )(Government Activity)(Brief Article)(Letter to the Editor)
- Article from:
- American Banker
- Article date:
- June 7, 2002
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To the Editor:
The American Banker story of May 3 on credit unions' record of serving low-income people
<"To Credit Union Advocate, Service Record Says It All," p. 4> repeats the hoary old chestnut that community reinvestment groups don't understand the basic fact that credit unions cannot serve the general public.
"Only recently," says Fred Becker of the National Association of Federal Credit Unions, "have they
been able to expand their membership fields."
The real problem is not that we don't understand the field-of-membership provisions in the Federal Credit Union Act but that we know that prior to 1998 those provisions were no barrier to individual credit unions serving a wide array of publics, most ...