Virginia Credit Union Expansion Move Latest in Growing National Trend
America’s $2.2 trillion credit union industry, which enjoys a free federal tax ride and minimal oversight, is busy this fall in a coordinated lobbying blitz in Washington and across state capitals to further dilute its already dubious membership requirements. These are not your grandmother’s credit unions. Largely gone are the days of small, community-based credit
PenFed’s Splashy and Expensive Ad Campaign
Tysons, Va.-based PenFed rolled out a splashy $50 million ad campaign in five states, Puerto Rico and the District of Columbia touting its “great rates for everyone.” Old restrictions for membership no longer apply at PenFed and other large credit unions that do not pay federal income taxes. Membership, PenFed proudly points out, is literally open to all.