On Feb. 25 the Supreme Court ruled 5-4 to require credit union members to share a single, common bond. The case was filed in 1990 by several North Carolina banks against AT&T Family Federal Credit Union, which had accepted members from more than 100 unrelated companies.
The fight over credit union membership limits is now being fought in Congress, where a number of bills have been introduced. The leading legislation is HR 1151, with nearly 200 co-sponsors, including House Speaker Newt Gingrich. That bill would essentially overturn the Supreme Court decision and allow credit unions to serve multiple common bonds.