Field of membership

Fairfax County Federal Credit Union's new name is intended to illustrate a reach well beyond what its original name implies.

The Ogden, Utah-based institution wanted a name that reflected a field of membership beyond the university it was chartered to serve.

Membership was previously only available to consumers in five counties.

By working with the tech giant on its consumer checking account, Stanford FCU hopes to grow but some wonder about the broader implications for fields of membership.

The Brunswick, Maine-based institution can now serve the residents of Androscoggin County in addition to three other counties.

Tremont CU can now serve the member companies of the Massachusetts Biotechnology Council.

The Raleigh-based credit union hit its latest milestone just three years after reaching 200,000 members.

The National Credit Union Administration has unveiled a proposal to address a federal judge's concerns that its 2016 field-of-membership overhaul could discourage lending in low-income areas.

The 2018 Statistical Report from the World Council of Credit Unions shows the industry continuing to grow, though 80% of global assets are held in North America.

The group's Wake Up initiative will include legislative and regulatory proposals, along with added resources to help members push for a level playing field.