From Aaron D. Klein of American Banker:
The vast majority of credit unions in America happily serve their important mission of providing financial services to well-defined communities. A small handful, however, desire to grow into national financial institutions, serving anyone and everyone.
These few credit unions just won a major regulatory battle as the National Credit Union Administration approved new rules that open up field of membership requirements to more easily create national credit unions. This decision will advantage a handful of mega-credit unions, further tilt the playing field against community banks and exacerbate existing regulatory challenges that NCUA has yet to focus on.