New Mexico Credit Union Loosens Common Bond Restrictions

U.S. Eagle Federal Credit Union lists among its common bond provisions “people who are 50 years of age or better and residents of New Mexico”. When credit unions were granted tax exemption, age was not listed as a form of commonality.

“This would indicate that this common bond is impermissible and needs to be shut down.

NCUA should penalize this credit union for its illegally adding people through this impermissible common bond.

Finally, the agency should hold accountable those staffers in the Office of Consumer Protection that permitted this impermissible common bond to persist for more almost one year after it was brought to their attention.”

Read more in the article from Credit Union Watch.

See the impact on taxes in your state.

Tell Congress: It’s time to reform credit unions.