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They’ve done it before and they’ll do it again. Picture it, early 1991. Congress is just returning from winter break and, boom, the Deposit Insurance and Regulatory Reform Act (H.R. 6) is introduced by Democratic Congressman Henry Gonzalez (Texas). The bill would, among other things, fold all the financial institution regulators into one.

Shortly thereafter, Treasury, at the end of the President George H.W. Bush’s administration, made a proposal to instead add a Treasury official to the independent NCUA Board and require credit unions to write down their 1% NCUSIF deposit. CUNA said it backed the proposal, so long as banks did a write down also, to make friends at Treasury, but NAFCU opposed it entirely; when banks had no write down, CUNA opposed it as well.

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