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:
“A field of water betrays the spirit that is in the air. It is continually receiving new life and motion from above. It is intermediate in its nature between land and sky.”
—Henry David Thoreau (1817–1862)
“I don’t like comparisons with football. Baseball is an entirely different game. You can watch a tight, well-played football game, but it isn’t exciting if half the stadium is empty. The violence on the field must bounce off a lot of people. But you can go to a ball park on a quiet Tuesday afternoon with only a few thousand people in the place and thoroughly enjoy a one-sided game. Baseball has an aesthetic, intellectual appeal found in no other team sport.”
—Bowie Kuhn (b. 1926)
“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)