Credit Unions Did Not Buy Victory in Congress

To the Editor:

I am writing to set the record straight about the expenditures of the Credit Union Campaign for Consumer Choice. In a Sept. 30 article on page 3, departing ABA president William T. McConnell cited estimates that credit unions raised $25 million on lobbying this year.

I do not know where the figures he cited came from, but I do know that I personally examined and signed off on every invoice connected with the credit union campaign. Our true expenditures totaled less than $11 million, a figure only slightly below the total contributions received from credit unions to ensure consumer choice in financial institutions.

Contrary to Mr. McConnell's assertion that we "outhustled" the banking industry, the Credit Union Membership Access Act passed swiftly and by overwhelming margins because Congress understood our message: that 73 million Americans deserve to have their access to credit union services preserved.

We did not pick this fight; the banking lobby did. I regret that Mr. McConnell has publicly urged the banking industry to continue the battle against credit unions. The effort and money would be better spent improving the image and service of banks, since consumers consistently assert they are "most satisfied" by their credit unions, rather than banks.

Kenneth A. Robinson

President and CEO,National Association of Federal Credit UnionsMember, executive committee and oversight task force,Credit Union Campaign for Consumer ChoiceArlington, Va.