Current Issues
The most critical issue facing credit unions today is not a specific piece of legislation, but rather a position by the banking industry that a credit union is defined by its size and the services it offers, not by it cooperative structure.
The American Bankers Association wants larger credit unions like Space Coast Credit Union to be forced to either limit their size and services or change their charter to mutual savings banks. This effort is listed on the ABA site as a "2011 Action Priority".¹
Credit unions such as SCCU are referred to as "bank-like credit unions" and "new breed credit unions." They are positioned as having outgrown their original mission.
Legislators are being asked to limit and tax these credit unions.
It is important to remember that no matter what size a credit union is, it is owned by the members, governed by volunteer members elected to the Board of Directors, provides all members with an equal vote no matter how much they have on deposit, and serves no one but its members. A credit union cannot "outgrow" its mission.
If you are interested in preserving your right to belong to the credit union of your choice, considering becoming an SCCU Legislative Ambassador.
Go back to Legislative Action home page
¹ American Bankers Association web site, 2011 Action Priorities, September 23, 2011; http://www.aba.com/Issues/Issues_CreditUnion.htm
