Current federal law requires that credit unions be defined around a common occupation, common interest, or common geographic region.
If defined around a common interest, the members must be formally associated — that is, they must be continuous and active members of an organization formed around their common interest.
This requirement has largely prevented the formation of Internet-based credit unions, because those who would be most likely to use such a credit union lacked a qualifying organizational affiliation.
But the Digital Cooperative Society aims to provide an associational common bond and pave the way for an Internet-based credit union.
The DCS unites people with a common interest — promoting and practicing cooperative principles using the Internet and digital media — and expects to qualify as a valid associational group for the purposes of a federal credit union charter.