Gingrich Slips Up on CU Knowledge
How quickly he forgot.
Newt Gingrich was once crucial to helping credit unions pass a major bill on Capitol Hill. But during a recent GOP presidential debate, he seemed confused about what credit unions are all about.
The measure gave credit unions broad authority to expand their membership. The bill, which was strongly opposed by the banking community, limited the new community charters for credit unions to well-defined local communities. It also gave NCUA the power to define what such a community is and what constitutes an immediate family member for purposes of membership eligibility.
Gingrich lobbied his colleagues hard behind the scenes.