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CREDIT UNION TIMES Vol. 5, No. 40 October 5, 1994

Looking back nine years ago finds NCUA reviewing the proposed West Coast mega-merger of Patelco CU, First Technology FCU and Seattle Telco FCU. Patelco President Ed Callahan attributed NCUA's actions, which include gathering input from its legal staff and allowing its six regional directors to comment on the proposal, to...

By Staff Writer | Updated on October 07, 2003

Looking back nine years ago finds NCUA reviewing the proposed West Coast mega-merger of Patelco CU, First Technology FCU and Seattle Telco FCU. Patelco President Ed Callahan attributed NCUA’s actions, which include gathering input from its legal staff and allowing its six regional directors to comment on the proposal, to press coverage and the controversy the proposal has sparked in the credit union community. “People that don’t understand the merger want to be negative about it,” said Callahan. “I guess we have to pass a popularity contest.” Also in that issue CUNA is poised to file suit against NCUA should it adopt proposed new rules that would prohibit anyone holding a paid or volunteer position in other credit union organizations from serving on a corporate board. “I think this is an extremely important issue and it deserves more time” said CUNA President Ralph Swoboda. “Anyone who serves as a volunteer on any type of credit union board is tainted by this regulation. If you’re a volunteer on your credit union board you can’t serve on a corporate board. But if you’re a broker who sold investments in Penn Square, for instance, or even a member of the American Bankers Association, you can.”

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