WASHINGTON — Ten years ago today, credit unions scored a major victory in Congress.
On Aug. 7, 1998, President Clinton signed the Credit Union Membership Access Act (H.R. 1151), which reversed a U.S. Supreme Court decision and gave credit unions broad authority to expand their membership, into law. The bill, which was strongly opposed by the banking community, limited the new community charters for credit unions to well-defined "local" communities. It gave NCUA the power to define what such a community is and what constitutes an "immediate family member" for purposes of membership eligibility.
NAFCU President Fred Becker issued a statement noting the anniversary of a bill he said "struck a blow in favor of consumers and the nation's credit unions, affirming consumers' choice to obtain services from financial institutions of their own choosing."
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He said the anniversary is an impetus for credit unions to urge lawmakers to approve measures pending in Congress that would give credit unions additional regulatory relief.
CUNA did not issue a statement marking the anniversary, though in an interview earlier this year the group's President/CEO Dan Mica said that the fact that the bill passed Congress in five months showed that lawmakers recognize the value of credit unions and the strength of the credit union movement.
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