Disability as a Common Bond

Is a disability a common bond?

For at least one credit union, the answer is yes.

Veridian Credit Union (Waterloo, Iowa) states that part of its field of membership includes "individuals with disabilities as defined by the Americans with Disabilities Act of 1990 who are living in the State of Iowa."

To read how the Americans with Disabilities Act defines the term disabilities, click here.

But the big question is how do individuals with disabilities meet the requirements for a common bond?

Section 533.202 of the Iowa Code states that "[s]tate credit union organization shall be available to groups of individuals who have a common bond of association such as, but not limited to, occupation, common employer, or residence within specified geographic boundaries."

If you dig into the state's administrative code, it defines the various types of common bond.

But I have a hard time comprehending how individuals with disabilities as defined by the Americans with Disabilities Act meets the state's common bond requirements.

This is just another example of credit unions pushing the boundary with regard to common bond and a credit union regulator abetting the effort.