Tuesday, April 26, 2016

Job Half Done on Impermissible Common Bond at U.S. Eagle

Over a year ago, I brought to the attention of the National Credit Union Administration (NCUA) that U.S. Eagle Federal Credit Union (Albuquerque, NM) was allowing individuals to join via an impermissible common bond based on age.

NCUA's General Counsel earlier this year issued a legal opinion letter stating that age by itself is an impermissible common bond.

As a result, U.S. Eagle, probably at NCUA's prodding, has removed from its How to Join webpage that being age 50 or better was an eligible common bond (see screen shot below from April 25 and click on image to enlarge).


Unfortunately, NCUA gets an incomplete, as the job is not done.

The credit union still lists being 50 years or better on its online application for a new member. Below is a screen shot of my March 29 e-mail to NCUA's Office of General Counsel bring this issue o NCUA's attention.


As of April 25, U.S. Eagle has not corrected its online application and still lists being 50 years of age or better and a New Mexico resident as a membership requirement. Below is a screen shot of the online application on April 25.


Until the online application is corrected, NCUA has not finished its job enforcing its common bond requirements.
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1 comment:

  1. AnonymousApril 26, 2016 at 10:15 AM

    But watch the cu scream like a whining baby if the federal tax exemption is discussed.

    ReplyDelete

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