OTHER NEWS - Oct. 12, 1993

Credit Unions Take Offensive Against Banks: The association representing the nation’s credit unions is claiming that banks in several states are trying to eliminate competition and said it will be more assertive in responding to “harassment” from them. The dispute concerns the expansion of credit unions beyond traditional groups such as company employees to broader groups such as residents of an entire community or county. Credit Union National Assn. President Ralph Swoboda, at the group’s annual convention in Cincinnati, said the association may challenge bank charter applications in response to legal action by banks in Montana, Massachusetts, Nebraska, Utah, North Carolina, Michigan and Colorado. Banks claim the credit unions can provide many of the same products but have less regulatory burden.