Credit unions have fared relatively well in this recession. There are many reasons for this, including fields of membership. Despite some conversions to community charters and creating organizations solely for the sake of garnering members, credit unions generally still know their members. Knowing your members allows credit unions to make better decisions with respect to loans, product offerings and marketing, among other things.

FOMs not only provide the credit union a profile of the membership, but the member is more likely to share an affinity with a credit union that serves their employer or church or neighbors. And, for those not guilted into paying their credit union bills by that sense of affinity, having a connection like that can make the scoundrels easier to track down.

Because credit unions have made it through the crisis battered and bruised but still strong, they've shown that they are willing and able to serve their membership. Credit unions should be rewarded by allowing them to serve more people and more people should have access to these fine institutions. Opening up FOMs is the next step toward credit unions gaining market share. Eliminating FOMs would allow credit unions to grow while diversifying their membership at the same time. The double whammy for credit unions then would be to learn not only to serve these new potential members but how to market to them to begin with. It all starts with creativity and marketing investment, not expense.