Academic journal article ABA Banking Journal

Back Where It All Began

Academic journal article ABA Banking Journal

Back Where It All Began

Article excerpt

If there are battle ribbons to be won by bankers who served time in the trenches fighting credit unions, lawyer-turned-banker Michael Miller has a couple of bolts of cloth coming.

Miller, now chairman, president, and CEO of First National Bank & Trust Co., Asheboro, NC., inherited the point position in the First National Bank & Trust Co. v. National Credit Union Administration case from Jim Culberson, his predecessor at the bank and former ABA president. At one time, Miller periodically received hate mail from folks connected with the multiple-group credit union that his bank, several others, and ABA had gone after, along with its regulator.

It was the eventual victory of the banking interests in the U.S. Supreme Court, and credit unions' counterattack through Congress, that led to H.R. 1151, the Credit Union Membership Access Act, and the revised chartering manual discussed in the main Briefing article. Miller says the hate mail seemed to subside around the time that H.R. 1151 passed.

For his own part, he admits to an increase in the cynicism he already had towards politicians: "For all the current talk in Congress about honoring the rule of law, when it came to the credit unions, the congressional response was to just change the law. …

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