Looking back 13 years ago finds the Filene Research Institute releasing a study that U.S. credit unions, if faced with paying tax would fare worse than their Canadian counterparts have. According to the study, taxation of credit unions would lead to a decrease in capital ratios, a higher failure rate among troubled CUs and an increase in mergers. "The tax bite, if it comes, would be very large, and I think it's unlikely that there would be a way to squirm out from under it," said researcher Dr. Albert Brooks. "If credit unions were taxed, it wouldn't solve any of the major problems facing banks and based on past experience, where legislation has been intended to create a `level playing field,' it has not been successful in doing so." That issue also finds CUES addressing the growing issue of qualified credit union board members by establishing a certification program for directors. "We as a movement need to keep our directors educated," said CUES President Fred Johnson. "I just felt that following what happened with savings and loans that we do not want to wait until Congress mandates something. A lot of directors have been with credit unions for a long time. Their education must grow as the credit union grows."