It was 1977, the same year David Colby joined CUNA Mutual Group.A gallon of gas cost 65 cents, the average price of a new homehovered near $50,000 and the first Apple computer went on sale.

Colby, 59, who will retire from CUNA Mutual July 11 as chiefeconomist after 37 years of service, painted a very differentpicture of the credit union movement back then. In July 1977, therewere roughly 22,480 credit unions with average assets of $2.2million, compared to today's 6,700 credit unions with averageassets of $167 million, he said.

“During my tenure we have lost close to 15,800 credit unions,but assets have risen by 2,200%. Put another way, today, NavyFederal's assets are $10 billion more than the entire credit unionmovement when I began at CUNA Mutual,” Colby said. “Totalmembership is up 64.5 million since my first day at work andindustry capital is up $115 billion or 4,783%.”

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