When the Regulator and Credit Unions Worked for Common Purpose

In 1984 Ed Callahan delivered the customary NCUA Chairman’s speech to CUNA’s Governmental Affairs Conference.

His title this February was “Finish the Job.”

In the talk Ed outlined the incredible success of deregulation, credit union’s “fantastic” performance, and how the movement was fulfilling the founders’ visions for serving America.

He directly challenged critics who accused NCUA‘s policy initiatives as “competition in laxity.”

The Final Action Required

But there was one further institutional reform needed to ensure the industry’s future in the new market driven environment.

That change was to redesign the NCUSIF from an annual expense premium to a self-funding model based on 1% of insured deposits as the core.

Speaking with Logic and from the Heart

As you hear Ed’s voice, note the former football coach’s style:

  • He talks about the team’s success;
  • He gives them facts about their situation;
  • He speaks from the heart with an exhortation to finish the job.

Ed never used a script. But his logic was so clear you could transcribe his words verbatim. While the circumstances Ed addressed have changed, his authenticity marked by  directness, transparency and passion are needed all the more today.

Listen for the rouser at the end. It was his signature moment!

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