CREDIT UNION TIMES, Vol. 7, No. 34, August 21, 1996

Looking back five years ago finds credit unions able to offer their employees 401(k) retirement plans. “When we realized Congress, and particularly House Ways and Means Chairman Bill Archer (R-Texas), were definitely intent this year on moving ahead with 401(k)s for nonprofits, our staff and many leagues jumped right in to help ensure nothing derailed the bill,” said CUNA Legislative Affairs Vice President John McKechnie. Also in that issue, credit unions were up in arms over rumors that Rep. Joe Kennedy (D-Mass.) planned to introduce legislation that would subject credit unions with assets of $50 million or more to the Community Reinvestment Act. “There are a growing number of credit unions that have stretched the notion of common bond to the breaking point and beyond. These credit unions, numbering up to 800 institutions serve employees of many companies across state lines. Others receive community charters allowing them to serve anybody in a particular geographic area. To me, this sounds increasingly like a bank charter,” said Kennedy. Kennedy had attempted to include CUs in the CRA pool before, but the amendment never made it out of committee.