1、This report will be updated periodically to reflect developing issues and major legislative1events. For current information about pending legislation please consult the LegislativeInformation System (LIS) at http:/www.Congress.Gov.Congressional Research Service The Library of CongressCRS Report for
2、CongressReceived through the CRS Web97-267 EUpdated May 6, 1998Multiple-Group Federal Credit Unions: An UpdatePauline SmaleAnalyst in EconomicsEconomics DivisionSummaryMultiple-group federal credit unions (FCU) and litigation challenging the structureand membership in these FCUs have been the focus
3、of much media attention andcongressional concern. On February 25, 1998, the U.S. Supreme Court ruled in favorof the banking industry, invalidating the NCUAs policy regarding multiple-group fieldsof membership. The court case is the most recent effort by the banking industry in anongoing battle. Bank
4、ers claim that credit unions have outgrown their founding principlesand no longer deserve the competitive advantages of federal tax exemption and lessstringent regulatory procedures. On April 1, 1998 the House passed credit unionlegislation, H.R. 1151. The legislation would grandfather all current F
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