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:
“Time is a great legalizer, even in the field of morals.”
—H.L. (Henry Lewis)
“My prime of youth is but a frost of cares,
My feast of joy is but a dish of pain,
My crop of corn is but a field of tares,
And all my good is but vain hope of gain:
The day is past, and yet I saw no sun,
And now I live, and now my life is done.”
—Chidiock Tichborne (1558–1586)
“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)