Did your colleague mention that Credit Unions don’t have to abide by the Comm Reinvestment Act? Did he mention that they don’t pay taxes? Did he mention that Credit Unions are available to ALL citizens in the counties in which they operate vs. previous rules that only allowed members within a specific class (ie., work for a specific company, etc.)
I think they deserve it.
Not true. Navy Federal, for example, is only available to Defense.
Perhaps you're talking about credit unions like the one in my area: UVA Community Credit Union, which does have a community charter and serves its members in several counties in Central Virginia.
However, not all credit unions are of that flavor, and the membership of many remains confined to specified eligibility groups.
Until then, please don't falsely claim that all credit unions offer geographic eligibility rather than those "previous rules" (which haven't gone away at all). It all depends on the credit union's charter.
Right on!
I see pepperdog attacked both of us, hopefully he will not get sick over this as noted.
Anyway, CU’s have an unfair advantage by not being taxed - that advantage sort of made sense when they were formed, but as they have grown into Billion dollar institutions that is no longer the case.