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.

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.