A BILL TO PROVIDE INSURANCE FOR MEMBER ACCOUNTS IN 47-444 JUNE 18 AND 19, 1970 Printed for the use of the Committee on Banking and Currency U.S. GOVERNMENT PRINTING OFFICE WASHINGTON: 1970 COMMITTEE ON BANKING AND CURRENCY JOHN SPARKMAN, Alabama, Chairman WILLIAM PROXMIRE, Wisconsin WALLACE F. BENNETT, Utah EDWARD W. BROOKE, Massachusetts HARRISON A. WILLIAMS, JR., New Jersey JOHN G. TOWER, Texas EDMUND S. MUSKIE, Maine THOMAS J. MCINTYRE, New Hampshire CHARLES H. PERCY, Illinois WALTER F. MONDALE, Minnesota ALAN CRANSTON, California ROBERT W. PACKWOOD, Oregon DUDLEY L. O'NEAL, Jr., Staff Director and General Counsel SUBCOMMITTEE ON FINANCIAL INSTITUTIONS WILLIAM PROXMIRE, Wisconsin, Chairman HARRISON A. WILLIAMS, JR., New Jersey EDWARD W. BROOKE, Massachusetts JOHN SPARKMAN, Alabama EDMUND S. MUSKIE, Maine THOMAS J. MCINTYRE, New Hampshire WALLACE F. BENNETT, Utah CHARLES H. PERCY, Illinois KENNETH A. MCLEAN, Professional Staff Member (II) CONTENTS Report from the National Credit Union Administration.__ CHRONOLOGICAL LIST OF WITNESSES J. Deane Gannon, Acting Administrator, National Credit Union Admin- Richard H. Grant, treasurer-manager, Pease Air Force Base Federal Credit Union, Portsmouth, N.H. Benny L. Kass, Washington consultant, National Consumer Law Center__ R. C. Robertson, president, CUNA International, Inc., accompanied by Wilfred MacKinnon, president, Credit Union National Association, Inc., and J. Orrin Shipe, managing director, CUNA International and Credit Union National Association.. Mack Rogers, president, National Association of Federal Credit Unions, Los Angeles, Calif., accompanied by Mal Nestlerode, treasurer, NAFCU and manager, Marquardt Employees Federal Credit Union Lorena Cau- sey Matthews, treasurer-manager, Y-12 Employees Federal Credit Union, Oak Ridge, Tenn. Kathryne Vachon, treasurer-manager, Tropical Telco Federal Credit Union, Coral Gables, Fla.· and Ralph J. Parchini, general manager, Pan American Federal Credit Union, New Jerry K. Anchors, chairman of credit committee and chairman of legisla- tive committee, credit union board of directors, Lockheed Georgia ALPHABETICAL LIST OF WITNESSES Anchors, Jerry K., chairman, legislative committee, Lockheed Georgia Gannon, J. Deane, Acting Administrator, National Credit Union Ad- Grant, Richard H., treasurer-manager, Pease Air Force Base Federal Kass, Benny L., Washington consultant, National Consumer Law Center. Nestlerode, Mai, treasurer, National Association of Federal Credit Unions Parchini, Ralph J., general manager, Pan American Federal Credit Union, Robertson, K. C., president, CUNA International, Inc. Rogers, Mack, president, National Association of Federal Credit Unions.. Shipe, J. Orrin, managing director, CUNA International and Credit Union Vachon, Kathryne, treasurer-manager, Tropical Telco Federal Credit |