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:
“After all the field of battle possesses many advantages over the drawing-room. There at least is no room for pretension or excessive ceremony, no shaking of hands or rubbing of noses, which make one doubt your sincerity, but hearty as well as hard hand-play. It at least exhibits one of the faces of humanity, the former only a mask.”
—Henry David Thoreau (1817–1862)
“And there, a field rat, startled, squealing bleeds,
His belly close to ground. I see the blade,
Blood-stained, continue cutting weeds and shade.”
—Jean Toomer (1894–1967)
“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)