Regulator Sets New Rules on Credit-Union Membership

The chief regulator of U.S. credit unions passed a new rule designed to curtail how some in the industry gather new members, a move credit unions say is too tough and rival banks say is too weak.

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The National Credit Union Administration, the regulator for the more than 4,000 federally chartered credit unions, on Thursday approved final rules that prohibit credit unions from setting up charities and other associations designed solely to attract customers who otherwise wouldn’t be eligible for membership.

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