Looking back 11 years ago finds state-level threats to credit union tax status beginning to take shape. The first calls to order of legislatures across the country include those for credit union taxation. In Alabama, proposed taxes on the income and capital of state-chartered credit unions have raised concerns of a mass federal charter conversion at the Alabama Credit Union League. ACUL Director of Governmental Affairs Dale Dalbey advises credit unions to wait and see what happens before scrambling to change their reserve policies "Something as big as tax reform will not be tackled overnight," said Dalbey. "It could drag out over several legislative sessions." CUNA Vice President of State Governmental Affairs Brenda Jo Seipel agreed overall, yet cautioned credit unions that the toughest battles are often those that arise on short notice. Also in that issue a newly adopted Securities and Exchange Commission rule states that transfer agents may no longer discriminate against credit unions in the acceptance of signature guarantees on stock transfers.