NEW YORK—Credit unions received some coverage from The Wall Street Journal under the Headline, “The Charity Route Into Credit Unions Is Still Open.”
The piece centered on NCUA’s recent changes to rules on “associational” membership, in which members are able to join as the result of membership in a particular association. The NCUA board voted to ban federal charters from setting up charities and associations with a sole purpose of using those groups as a means of making someone eligible for CU membership. The article went on to note, however, that the NCUA action “doesn’t mean, however, that credit unions can’t list membership in a charity or organization—including ones that are open to anyone—as one of the qualifications for membership.”
The article then listed CUs that can be joined via associations, listing:
- Pentagon Federal Credit Union, which can be joined by paying $15 in nonrefundable membership dues to either Voices for America’s Troops, a nonprofit subsidiary of the Military Officers Association of America, or the National Military Family Association.
- First Technology FCU, which can be joined via membership in the Financial Fitness Association, a nonprofit group that “focus[es] on raising awareness in areas of personal finance and money management through online information and resources,” according to its website. Membership costs $8.
- Alliant Credit Union, which can be joined by becoming a member of Foster Care to Success, which describes itself as “the oldest and largest national nonprofit organization working solely with college bound foster youth.” The Alliant website says people can join the group with a contribution of $10 or more, and then return to the Alliant site to sign up for the credit union, the Wall Street Journal reported.