Jefferson County Clerk’s Office them easy access to a retail bank office on the work site. Regulations for credit unions were very simple, but to join a credit union, there had to be “affinity” with the sponsoring entity- usually an employee or close relative of another member. Both the state and the federal government charter credit unions. The federal unions have government deposit insurance, while the state regulated unions usually carry private insurance. This all began in the first part of the 20th century, when so-called “branch banking” was strictly regulated in many states and banks, no matter how big, might only be allowed one location downtown. That obviously has changed, but mergers and chain banking led many It is a beautiful time to enjoy Kentucky’s fall colors and the many events throughout Louisville and our state. I have been spending time in the communities where our various branches are located, enjoying the neighborhood festivals and welcoming the cool down that fall has brought to a hot summer. The Kentucky General Election was held on Tuesday, November 6th. With healthy voter turnout and lines outside of most polling locations, the day was a busy and successful venture. I am beyond proud of our staff for all the hard work and dedication they continue to bring to this process. An election truly does take a village, and I am so thankful for the men and women who comprise our talented agency. As we head towards the end of the year, I’d like to wish you a safe and pleasant holiday season. Remember to relax amidst the stress and soak up as much family time as possible. Every moment with your loved ones is truly a gift. If you have any questions or suggestions as to how the Clerk’s Office can better serve you, please let us know. You can save yourself postage by filling out an online comment card on the Jefferson County Clerk website. It is my goal to provide quality service in every area. As always, I look forward to serving you. Bobbie Holsclaw Jefferson County Clerk One of our biggest customers at the clerk’s office is the community’s credit unions. Unlike a traditional bank, credit unions don’t have much to do with commercial lending but stick to auto loans and mortgages. In fact, credit unions are serious rivals for auto loans in certain segments, compared to banks and captive credit arms of the manufacturers. If you are a long-time member of a credit union, it may well pay to get an auto loan there. As the industry has grown, they have found they can offer increasingly competitive rates. Credit unions, as non-profits, don’t pay income tax and are “member-owned”, so there is no stock per se, offered to the public. This kind of “mutual” ownership was once very common among savings and loan banks, but those pretty much disappeared in the bank mergers of the 1980s and 1990s. The for-profit banks found they had a big advantage by being able to sell stock on Wall Street. The last mutual bank based in Louisville was the old Great Financial Federal, which was converted and bought out in the mid-90s. Many big insurance companies, however, are still organized as mutual associations, and the tax and capital issues of insurance, as opposed to banking, will probably work to keep them organized on a mutual basis. Traditionally, credit unions were very small operations, usually sponsored by a factory employer as a sort of side benefit for their employees, to give A Message from the Jefferson County Clerk The Growing Role of Credit Unions By: Frank Friday Esquire Director continued on page 2 Fall 2018