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On this date: HR 1151 signed into law

HR 1151 is talked about every week in the credit union movement. It took an extraordinary effort by credit unions across the country to get the Credit Union Membership Act, HR 1151, passed. Credit unions flooded Washington, D.C. many times to lobby for the passage of the bill. Credit union veterans speak fondly about the effort to get the bill passed and the way everyone worked together.

On Aug. 7, 1998, Pres. Bill Clinton put his signature on the bill. He later talked about the bill and said it was good legislation. The bankers fought it to the very end and actually sued credit unions getting the case all the way to the Supreme Court. In the end, more than three million consumers contacted their lawmakers asking them to support HR 1151, which reversed the Supreme Court decision.

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Pres. Clinton signs HR 1151 on Aug. 7, 1998.