Dan Adams, a fixture in the credit union movement who capped his career with a long run as CEO of Bellwood before recently retiring, reminded the Richmond Chapter last night that credit unions are political creatures.
While member business lending legislation is a priority for credit unions now, Adams harkened back to the 1970s when the credit unions lost a court battle to allow them to offer share drafts.
Legislation ultimately allowed credit unions to offer their version of checking accounts, an integral service that credit union members today take for granted.
The lawsuit was filed by the bankers, Adams noted, adding that the bankers filed another lawsuit in the 1990s to stop the use of the multiple common bond. The bankers won in court, with credit unions fighting back with the successful legislative push to pass H.R. 1151.
Thanks Dan for reminding how different credit unions would be today … if they existed at all … if not for past commitment to legislative advocacy!