Friday, March 27, 2015

Common Bond of 50 Years of Age or Better

In preparation for a speech, I became aware of a common bond for U.S. Eagle Federal Credit Union (Albuquerque, NM), formerly U.S. New Mexico Federal Credit Union, comprised of people who are 50 years of age or better and residents of New Mexico.

However, a common bond of being 50 years of age or better is overly broad and poorly defined.

Age by itself is not sufficient to show a commonality of interest or interaction among individuals. Also, what does better mean?

Simply said, this group fails to meet the requirement for a common bond.

But what is even more dumbfounding is how the National Credit Union Administration approved this common bond.

This is just further confirmation that this agency is รค rubber stamp for the industry.

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1 comment:

  1. AnonymousMarch 27, 2015 at 11:56 AM

    Dr. Leggett.
    When will you realize that credit unions are so special that they can cheat on field of membership law?
    They're so special and truly different that their regulator wants to give them all the powers of a bank but not pay taxes!
    Didn't you read board member speeches at a GAC!
    I was there. It was thrilling!!
    Cuna can't get us reg relief so NCUA will!!!

    ReplyDelete

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