CREDIT UNION TIMES Vol. 11, No. 18 May 3, 2000

Looking back six years ago finds National Bank of Commerce Chairman/American Bankers Association Governmental Affairs Committee Chairman-Elect Ken Fergeson spouting off against credit unions. Vowing to fight credit unions for sake of family and country, Fergeson believes that since public schools, national defense, roads and all other services administered by government are dependent upon taxes, and because CUs are tax-exempt they “do not contribute to this way of life. The credit union industry is subsidized by the federal government.” “Although I’m tired of fighting a possibly losing battle I know that the cause is just, the enemy overwhelming so I won’t give up,” said Fergeson. “Just like credit unions, quitters are parasites. They live off the rest of society. They are non-productive and contribute nothing that is good for anyone other than themselves.” In a rebuttal, Oklahoma Credit Union League President Bob Bianchini said Fergeson’s statements are “misleading and inaccurate. I’d like to think he doesn’t speak for the entire banking industry. His characterization of nearly one million Oklahoma consumers who are CU members as parasites is a vicious attack.” Fergeson predicts that despite the touting of the “CU difference” credit union tax-exemption is doomed. “It’s only a matter of time,” he said.