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Utah Gov. Tells League She Supports Duality

SALT LAKE CITY - The Utah League of Credit Unions said it is heartened by recent comments of Gov. Olene Walker supporting the dual chartering system and "equality" between state and federal charters. The state's new Republican governor made her comments at the League's annual meeting and were repeated in...

By Staff Writer | Updated on March 23, 2004

SALT LAKE CITY – The Utah League of Credit Unions said it is heartened by recent comments of Gov. Olene Walker supporting the dual chartering system and “equality” between state and federal charters. The state’s new Republican governor made her comments at the League’s annual meeting and were repeated in a media advisory sent out last week. Quoting ULCU CEO Scott Simpson, the League said Walker’s remarks “are an important symbol of support” for the industry that has been “fighting restrictive laws in Utah for the last three years.” Simpson said the League appreciates “the governor’s show of support and that we can work together to solve this issue,” adding “our state chartered financial institutions should not be afforded fewer rights than federally chartered CUs.” In her speech, Walker also said she did not want “to start another battle” between banks and CUs but that “in my book there should be no advantage in a federal certification of a credit union over the state. The two should be equal as possible.” Walker recommended that the Financial Services Task Force, a legislative panel considering a tax on CUs possibly in 2005, should be studying ways “to find that balance again” between state and federally -chartered CUs.

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