I looked into the feasibility of starting a web-based credit union a few years ago and I discovered that federal regulations require credit unions to serve some

I looked into the feasibility of starting a web-based credit union a few years ago and I discovered that federal regulations require credit unions to serve some distinct community -- whether it be a physical community (like a town) or an affinity community (like an alumni association). This makes it more difficult to establish an open-to-everyone web-based credit union; you basically have to have some sort of online community already in place, and attract members from that community. Nevertheless, there are some web-based credit unions that have been able to successfully meet the requirements ... however, this explains why you don't see the cooperative equivalent of an ING Direct/Capital One 360. Even so, I do hope that either the regulations change or some established web-based credit unions are able to attract people away from the for-profit banks, because credit unions, being member owned, never put profits before people. (But if they DO happen to make a profit, it goes back to the members, not to some outside shareholder.)