It is common to describe credit unions as family. Sometimes the description is indeed accurate as father or mother passes the profession down to sons and daughters.
But rarely would one expect a regulator, and especially the Chairman of NCUA, to embrace the concept.
On April 9, 1984, the American Banker published a story on credit unions based on an interview with the Chairman: “Callahan mans the credit union helm through the seas of deregulation.”
The article closed with this description:
Mr. Callahan, who once held three jobs at the same time and who says he is “used to hustling,” has a varied background. It includes positions as Illinois Deputy Secretary of State, a math teacher and part-time football coach, and a school principal.
He now boasts of having two families, one with over 40 million credit union members and one that includes eight children.
“Just keeping up with a family of eight has kept me running,” he jests.
Two families. That is a regulator who knew where his responsibilities were truly owed.