A federal appeals court handed the banking industry a huge victory Tuesday when it ruled that credit unions have been illegally accepting new members.

The U.S. Court of Appeals for the District of Columbia said that "all members of a federal credit union must share a common bond."

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.