Friday, April 3, 1998 | 9:14 a.m.
By a 411-8 vote, the House passed a bill that would allow federal credit unions continue to include more than one group in their memberships. The effect of the bill would be to supersede a recent Supreme Court decision that found federal law didn't allow credit unions to expand their memberships that way. Credit union advocates feared that the court's decision would prevent many Americans from joining federally chartered credit unions, costing credit unions millions of customers.
Banks have contended that credit unions have had an unfair advantage over banks. But the argument that credit unions are a threat seems disingenuous considering that only 6 percent of the financial business in the nation is handled by credit unions.
Yet these institutions are vitally important for customers with small accounts; it's estimated that 340,000 Nevadans belong to credit unions. For some people, this is the only place they can get low-cost financing. The House did the right thing in passing the bill and the Senate also should act swiftly on the legislation.
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