Bankers have been upset for the past 20 years about what they consider unfair competition from credit unions. They're angry that credit unions increasingly look and act like banks but are not subject to the same taxes and regulation.

Not much has come of the bankers' complaints for a couple of reasons. First, banks have had a number of items on their legislative agenda. Interest rate deregulation, interstate banking, Glass-Steagall reform, deposit insurance and taxation issues, and battles with the insurance agents have kept the industry's lobbyists occupied.

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