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Can a credit union serve more than one employer group? You know what today's answer is of course. But to know the history you need to talk with Marc Schafer, the now retired CEO of Truliant, a Winston Salem credit union.

In the mid 1990s Truliant was sued by a bankers group that claimed it was illegal for a credit union to serve more than one SEG.  The bankers won.

The story did not end there.

Credit unions mounted a huge legislative push and the result was passage into law of HR 1151 which made it lawful to serve multiple SEGs.

Schafer had a front row seat throughout the battles.

Listen up.