From Deseret News archives:
Saga of banks, credit unions isn't over
"Are you a member?" was a question for generations of Utahns with obvious spiritual connotations. Today, chances are this inquiry is about good standing with a credit union, not a religious denomination. Banking advocates, usually a droll bunch, become zealots when complaining of "unfair advantages" enjoyed by credit unions.
The seven-year fight has been bitter. Each camp invested tremendous resources in federal, state and legislative campaigns. Both sides hired armies of lobbyists for skirmishes at the Capitol while public relations firms battled in the media for hearts and minds of the general public. (My clients, the Industrial Banks, have declared themselves Switzerland in the dispute, so I am neutral.) In 1998, legislators enacted restrictions on credit unions for commercial lending, branching and membership. The combat continued until the 2003 Legislative Session, when credit unions retreated. The banking community declared victory.
In politics, as in military warfare, victory is not always determined by territory gained or lost but who has the best public relations support to create the impression of success. The banks' spin doctors (including LaVarr) have done a phenomenal job of establishing a consciousness that banks were the victors of this long conflict on Capitol Hill. The numbers tell a different story and suggest the struggle is not finished.
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