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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