Field of Membership
Legally, and for tax purposes, credit unions are considered to be non-profits. Banks assert that since this status exempts credit unions from many federal and state taxes, credit unions can provide more competitive products. This has led to a variety of laws which limit how credit unions may accept members. Historically, this meant credit unions were left with the individuals which banks found to be less desirable or those in a limited geographic area. More recently, credit unions have been able to broaden their eligibility requirements to accept more members.
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Famous quotes containing the words field of, field and/or membership:
“In the field of world policy I would dedicate this Nation to the policy of the Good Neighbor—the neighbor who resolutely respects himself and, because he does, respects the rights of others—the neighbor who respects his obligations and respects the sanctity of his agreements in and with a world of neighbors.”
—Franklin D. Roosevelt (1882–1945)
“Beat! beat! drums!—blow! bugles! blow!
Through the windows—through doors—burst like a ruthless force,
Into the solemn church, and scatter the congregation;
Into the school where the scholar is studying;
Leave not the bridegroom quiet—no happiness must he have now with his bride;
Nor the peaceful farmer any peace, plough his field or gathering his
grain;
So fierce you whirr and pound, you drums—so shrill you bugles blow.”
—Walt Whitman (1819–1892)
“The two real political parties in America are the Winners and the Losers. The people don’t acknowledge this. They claim membership in two imaginary parties, the Republicans and the Democrats, instead.”
—Kurt Vonnegut, Jr. (b. 1922)