“Our Act lingers from the time of the paper ledger and wire tugging switchboard operator. We need to modernize the Act . . . and at the same time re-emphasize and recodify just what the first Act meant in 1934: that Americans are savvy enough and community-spirited enough to have and to run self-help cooperative not-for-profit financial service organizations-of no matter what size-that benefit those who join and serve. And on account of that purpose and structure of these organizations, no tax need be levied.”
Ed Callahan, Callahan Report 1990