Should the wealthy be denied credit union membership?
by. Gina Ragusa
If it were up to Frank Keating, CEO of the American Bankers Association, your wallet size and possibly profession should theoretically exclude you from credit union membership.
Last month Keating submitted an op-ed piece to The Hill, expressing his contention about the possibility of allowing professional athletes their own credit union. Players Choice Federal Credit Union is the brainchild of a professional MLB ex-wife who found her account drained after her ex-husband gambled his entire fortune.
On one hand Keating conveys the notion that while the idea is novel, especially considering the unique financial circumstances surrounding professional athletes, he asserts that providing direct credit union membership would loophole wealthy ballplayers into an industry meant to help struggling families.
He urged Congress to “rein in the NCUA so it better follows the spirit of credit union laws: enforcing field-of-membership limits and maintaining a focus on people of ‘small means.’ The NCUA needs to stop credit unions that use their tax privileges to serve the wealthy, finance luxury goods like boats, make jumbo mortgage loans and buy stadium naming rights.”
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