Looking back 16 years ago, during an earlier Bush administration, finds the credit union industry concerned with House Banking Committee Chairman Henry B. Gonzalez' reform legislation, which called for the separation of NCUA and the NCUSIF. The bill proposed that NCUA, the Office of Thrift Supervision and Office of the Comptroller of the Currency be abolished and that NCUSIF be swept into FDIC.
"We've got a smoking gun," said CUNA Lobbyist Jeanne Marie Murphy. "It's a good news, bad news scenario–the legislative outlook doesn't look good but through Operation Grassroots we've prepared for it."
Also in that issue, the 1991 Callahan's Credit Union Directory reported that total assets among the nation's 14,547 credit unions jumped 8.7%. The gain more than doubled the 3.8% growth recorded the previous year.
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Meanwhile, credit union membership grew at a more sluggish rate with total membership rising only 800,000, to 60.4 million. Callahan & Associates President Chip Filson viewed the slow membership growth as good news.
"The most positive sign is that substantial asset growth was sustained without a large increase in members," said Filson. "That shows that credit unions are increasingly seen as the institution of choice by their members."
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