Credit Union Times Vol. 1, No. 6 April 30, 1990

Looking back 13 years finds the American Bankers Association and the Independent Bankers Association of America swearing off public criticism of the credit union system and its insurance fund while pledging to continue the attack on CU taxation. “The ABA strongly believes that now that credit unions have evolved into the functional equivalent of banks they should be subject to the same regulation,” said ABA Executive Vice President Donald Ogilvie in a letter to FDIC chairman William Seidman. All the associations represented at the meeting hosted by Seidman – NAFCU, CUNA, ABA and IBAA – have now agreed to stop public criticism of the safety and soundness of each other’s industry and insurance fund. “They are taking responsibility for their inaccurate statements about credit unions and have agreed to stop,” said NAFCU Chairman John Stanton, who remained optimistic about the announcement. “The battle over taxation and the common bond is clearly ahead. But the battle will clearly be focused on those areas, and not blurred by these other issues that have a profound, negative impact on the public.”