Supreme Court ruling favors banks in battle with Credit unions over membership Millions of federal credit union members could be expelled in the wake of a Supreme Court ruling Wednesday that struck down the common credit union practice of admitting people from groups not included in their origional charter. Banks say credit union members shouldn't be booted Bankers have filed court documents to shore up their public position that no member of a credit union should be expelled as a result of a recent Supreme Court ruling limiting credit union membership. House committee clears law allowing credit unions to expand A bill allowing credit unions to expand, as well as retain all current members, cleared the U.S. House of Representatives banking committee March 26 and is headed for a vote on the house floor. The U.S. House of Representatives passed a bill that allows credit unions to expand while retaining their current members. The Senate banking committee passes a bill April 30 that mirrors the credit union-friendly provisions of House bill H.R. 1151, the Credit Union Membership Acccess Act.
New law allows credit unions to expand membership.
With the passage of legislation that allows credit unions to expand, bank-weary account holders get a primer on the pros and cons of becoming a member. U.S. Highway 1, North Palm Beach, Fl. Bankrate Inc. all rights reserved.