R. 1151 was a tremendous victory for credit unions. As former president of Navy Federal Credit Union and a NAFCU board member, it is very gratifying to have been part of this landmark achievement. In fact, perhaps the bond H.R. 1151 created among individual credit unions as well as trade groups is what best characterizes that campaign.
H.R. 1151 also generated a lot of lively debate. Specifically, I remember the discussions around “modest means.” It is, unfortunately, a term that is hard to define. Nonetheless, credit unions were eager then to address the needs of underserved individuals and continue to do so today.
The significance of H.R. 1151 is especially evident when we look at the changes of the financial services marketplace. For example, in 1970, there were approximately 24,000 credit unions. Today, there are less than 9,000. While the number of credit unions has decreased, the membership numbers have grown exponentially. This is a testament to the undeniable value of membership and the great job our credit unions do everyday in making sure every member is satisfied.
Going forward, I believe it is the power of our membership that will define our success.
Said During 1998
Look at all the money that was spent; it all comes out of the consumers’ pockets. And for what? What was gained here? Not one member was helped. I hate to see the waste the bankers have forced. –Marc Schaefer
This was not a glorious day for banking. I’ll be the first to say we were thoroughly out-lobbied. –Ken Guenther, ABA
