Life After HR 1151: Three Years Ago This Week HR 1151 Was Signed Into Law. Credit Union CEOs Have Differing Views On What The Legislation Has Meant-And Will Mean

As for trying to go back to Congress to get some of the "unintended consequences" of HR 1151 cleaned up, [William Brooks] said he doesn't think credit unions should be in such a rush to do so, noting HR 1151 began as one sentence and grew to a 60-plus-page piece of legislation. The other positive factor, he said, is an NCUA board that is "willing to work with us." The ink may be long since dry on the interpretive ruling NCUA generated from HR 1151, but one CU CEO said he thinks credit unions are still far from making the most of the opportunities available. "I think credit unions still aren't fully comfortable taking advantage of some of the things IRPS 99-1 allowed," said Michael Vadala, CEO of The Summit FCU, Rochester, N.Y. "Under the law, groups can choose to join any credit union, but credit unions are largely still following the 'code' about not stepping on each others' toes when it comes to recruiting." Speaking from her observation point in San Diego, long recognized as one of the most competitive financial markets in the nation, Geri Dillingham EVP-retail strategy and strategic planning at the $1- billion North Island Financial FCU, pointed to the unity credit unions showed during the fight to pass HR 1151. It's a unity that's still needed, she said, even in San Diego where credit unions still have 12% of the region's marketshare (a significantly larger slice than most markets).