The anomalous behavior I'm reporting isn't just on one site but is showing up on sites running 4.6.12.1 and 4.7 Beta 9. Member 1 & Member 2 are members of the club, whereas Member 3 hasn't as of yet joined.  None of the members are moderators, as such, none should be able to see the member list. When I select the "Club Moderators" as shown below, the setting isn't being honored. There shouldn't be any members listed in the three crossed out boxes.