According to the Credit Union Membership Access Act, with emphasis added, "Not more than one member of the Board may be appointed to the Board from among individuals who, at the time of the appointment, are, or have recently been, involved with any insured credit union as a committee member, director, officer, employee or other institution-affiliated party.
This report (1) assesses the effect of the Credit Union Membership Access Act on credit union membership and charters, (2) reviews the National Credit Union Administration's (NCUA) efforts to expand services to low- and moderate-income individuals, (3) compares rates offered by credit unions with comparably sized banks, (4) discusses unrelated business income tax issues, and (5) assesses transparency of credit union senior executive compensation.
Spurred by passage of the Credit Union Membership Access Act of 1999, which lifted restrictions on credit unions marketing their products outside their core constituency, three institutions with roots in L.
The federal Credit Union Membership Access Act of 1998 -- which the banking industry opposed -- allowed credit unions to continue bringing in groups from outside the core groups they were initially chartered to serve, giving the nonprofit, tax-exempt institutions the opportunity to grow through mergers.
The Credit Union Membership Access Act (HR 1151) is intended to protect and preserve credit unions and their members while keeping their business practices safe and sound.
More recently, the Credit Union Membership Access Act of 1998 indicates that credit unions continue to be exempt because of their cooperative, not-for-profit structure, which is distinct from other depository institutions, and because credit unions historically have emphasized serving people of modest means.
