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U.S. Approves Changes to Credit Union Rules

November 15, 1996|Times Staff and Wire Reports

Federal regulators took steps to limit the fallout from a recent court decision that could force millions of employees out of lower-cost credit unions. The National Credit Union Administration approved several changes to rules governing membership policy, including a provision that would allow employees of different companies to belong to the same credit union if the companies are in related fields. The agency acted after a federal judge ruled that federal credit unions could not admit members who did not share a "common bond" of occupation. The American Bankers Assn., which has been waging a legal battle against credit-union regulators, said it will review the new policy.

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