Answer: While different credit unions have different memberships, credit unions, by their nature and structure, have always served all their members fairly and equally. Today, the majority of credit union in Montana have a community charter, meaning everyone in geographical community is eligible to join.
The CRA was passed by Congress in 1977 to force banks to provide loans, deposits, and other financial products to areas perceived to be not profitable. Banks could generally make loans without geographic constraints. This led many institutions to make loans only in profitable areas, or outside of the local community where banks received deposits. Credit unions have not been part of the CRA since they have always served their entire membership fairly and equally. Credit unions have never needed a regulation to force them to make a loan to their members … it’s all part of the regular way they do business.