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 and/or membership:
“The little toy dog is covered with dust,
But sturdy and stanch he stands;
And the little toy soldier is red with rust,
And the musket moulds in his hands.
Time was when the little toy dog was new,
And the soldier was passing fair;
And that was the time when our Little Boy Blue
Kissed them and put them there.”
—Eugene Field (1850–1895)
“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)