Federal Credit Union (SCFCU) used a foundation to increase membership eligibility.
“The Federal Credit Union Act (FCUA) limits the common bond of a federal credit union to a single common bond, multiple common bond, or a community common bond.
SCFCU is a community chartered federal credit union serving Somerset County, Worcester County and Wicomico County of Maryland and Sussex County of Delaware.
But the credit union is using a foundation to qualify people for credit union membership who are not eligible for membership otherwise.”
Read more in the article from Credit Union Watch.
