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.
Read more about this topic: Credit Union
Famous quotes containing the words field and/or membership:
“I would say that deconstruction is affirmation rather than questioning, in a sense which is not positive: I would distinguish between the positive, or positions, and affirmations. I think that deconstruction is affirmative rather than questioning: this affirmation goes through some radical questioning, but it is not questioning in the field of analysis.”
—Jacques Derrida (b. 1930)
“The two real political parties in America are the Winners and the Losers. The people dont acknowledge this. They claim membership in two imaginary parties, the Republicans and the Democrats, instead.”
—Kurt Vonnegut, Jr. (b. 1922)