1970s
The Me Decade
The Three Mile Island accident is the worst commercial nuclear power accident in the U.S. The incident was taken up as part of the growing enviromentalism scene of the 1970s.
... from Tennessee was a speaker at the Spirit of '76 Credit Congress.
Senator Brock was Chairman of Young Voters at the time and was exceptionally popular in his home state (click to enlarge).
... in Washington, D.C.
Conference Chairman Richard Winters, NACM's Legislation Committee Chairman, speaking to various government officials and other NACM members (click to enlarge).
OAPEC oil ministers agreed to an embargo against any states that gave support to Israel during the Yom Kippur War.
The oil embargo had a profound effect on the U.S. Aside from the immediate economic changes, many industries had dramatic transformations that continue to this day. Another notable change, the national speed limit, never returned to the 70 MPH it was prior to the embargo.
The cost of a barrel of oil for the U.S. more than quadrupled from $3 ($17.49 in 2020) a barrel to over $12 ($69.95 in 2020) a barrel in less than a year. The U.S. had to contend with gasoline shortages and rationing, which contributed to the high rate of inflation during this time (click to enlarge).
... of Michigan, introduced the remarks made by Executive Vice President Robert D. Goodwin at the NACM Congressional Luncheon during its 2nd Washington Legislative Conference into the Congressional Record of April 6, 1973, for the benefit of his colleagues who were unable to attend the NACM gathering.
Ford was still a little over a year away from becoming the only President of the U.S. not voted into neither the presidential nor vice presidential office by the Electoral College (click to enlarge).
The 77th Credit Congress was held in Montreal. Gerald R. Ford, then Minority Leader in the U.S. House of Representatives and Harry Reasoner, well known television news commentator, were key speakers. Robert Merrill, the renowned star of opera, stage, television, and radio was the hit of the gala entertainment.
A collection of NACM's photographs of Montreal in 1973. Mr. Ford, sitting on the right, at the International Credit Congress (click to enlarge).
... for credit executives established, leading to the ACE (Accredited Credit Executive) designation. The ACE designation changed to ABCE (Accredited Business Credit Executive in 1975 and subsequently and finally changed to CCE (Certified Credit Executive)) in 1988.
A special ceremony was held at the Oregon Association of Credit Management for the first ABCE recipient. Formal recognition would be given next year at the 80th Annual Credit Congress (click to enlarge).
... named to serve on the Association's Committee of the Chamber of Commerce of the United States for 1974-75. The committee, composed of a select group of 30 leading association executives, advised the National Chamber on policies and programs and assisted in developing the overall effectiveness of trade and professional associations.
... to assist credit executives (National Credit Information Service (NACIS) established... an important milestone in the history of NACM and the evolution of the business credit reporting process in this country.
TRW Business Credit Services operated NACIS exclusively for NACM members (click to enlarge).
... received their formal certificates at the Survival Is Not Enough Credit Congress.
It was remarkable that the Apollo–Soyuz Test Project went ahead at all. There were wide-spread objections from citizens of both the U.S. and the Soviet Union, and strong objections from various government officials in both countries. Tensions were exceptionally high between both powers due to the Vietnam War. Despite all this, the mission went ahead and became a symbol of the policy of détente, as well as an inspiration for future international space missions.
Cosmonaut Commander Alexei Leonov and Astronaut Docking Pilot Donald Slayton embraced shortly after the Apollo and Soyuz capsules docked. A full scale replica of the docked modules at the Smithsonian's National Air and Space Museum (click to enlarge).
George Wolz, chariman of the NACM Legislative Committee, appearing before the Consumer Affairs Subcommittee of the Senate Committee on Banking, Housing and Urban Affairs, to give testimony on various bills to amend the Act and urging that business credit be excluded from the amendments.
Following Mr. Wolz's testimony, Senator Proxmire commented: "You made an extraordinarily logical case and I will do all I can to modify the bill that is now pending on credit discrimination to bring it into accordance with the views you so well expressed." Senator Proxmire was an aggressive critic of wasteful government spending (click to enlarge).
The new logo appears for the first time in the October 1975 issue of Credit and Financial Management.
The logo would later receive further refinement (click to enlarge).
... The Credit Manual of Commercial Laws as a selection for its business management members. NACM and the American Institute of Certified Public Accountants (AICPA) implemented a program to promote among their members increased awareness of each other's functions in business and society.
NACM's Legislative Committee Chairman and Executive Vice President discuss the 1976 amendments to the Equal Credit Opportunity Act before the Federal Reserve Board, requesting that the Board consider exemption of business credit from the Act until such time as discrimination in the business credit community is documented and genuine need for legislation is evident.
A drive for a uniform name throughout the NACM organization started under a program called UNITE (Uniform Name Increases Total Effectiveness). Today 46 affiliates out of 54 use NACM in their name.
After a long gestation period NACIS is officially available to the public.
A demo of the NACIS system was at Credit Congress that year, which was set up to print sample reports. The very first, official NACIS Report (click to enlarge).
... historic 40,000 members milestone.
Mr. Meyers was selected by a lottery conducted among all the new members reported to NACM during the week of February 14, the week membership passed the 40,000 mark (click to enlarge).
Over 3,180 attendees arrived for the Discovery '78 Credit Congress.
Future President Ronald Reagan was a guest speaker at Credit Congress. The hotel in San Francisco where the convention was held (click to enlarge).
... for achievement by the United States Department of Commerce in recognition of participation in programs to further the export expansion of the United States.
... on commercial fraud before the Improvements in Judiciary Machinery Subcommittee of the Senate Judiciary Committee. Information gathered from NACM members was used to aid the subcommittee in developing material on commercial credit, bankruptcy and other credit related fraud. The hearing gave NACM an opportunity to contribute substantially to legislation of positive benefit to creditors resulting from the hearings.
... in a Wall Street Journal front-page article, as a result of information from the NACM Business Credit Forum.
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1980s
Decade of Greed
The Fall of the Berlin Wall, which seperated West and East Berlin, marked the end of the Iron Curtain and the start of communism's end in Eastern and Central Europe.
... launch a credit automation program.
TRW began the process of automating credit reporting for all of NACM's affiliates (click to enlarge).
... held hearings on the impact of commercial credit reporting practices on small business. NACM Vice President William J. Parsons presented a statement from NACM on the impact of commercial credit reporting practices on small businesses.
... was a featured speaker at the National Conference of the Institute of Credit Management of the United Kingdom. Mr. Goodwin was the first American invited to participate in the Institute’s annual conference.
Robert Goodwin pictured with some of the other speakers (click to enlarge).
NACM's concerns with the existing language of Section 1103(b) was well received by the House of Representatives' Committee on the Judiciary.
... was honored for its efforts in promoting exports and for its services to the credit profession and was presented with the President's E-Star Award.
Raymond Waldmann, Assistant Secretary of Commerce for International Economic Policy, made a special visit to FCIB's International Round Table Conference in New York. Today, the award hangs proudly at NACM National Headquarters (click to enlarge).
The golden age of video games ended when a glut of low quality third party games saturated the market. This led to the almost complete abandonment of the industry by consumers, who were more interested in the rise of affordable personal computers. Revenues for the video game industry fell by about 97%, from $3.2 billion ($8.315 billion in 2020) prior to 1983, to a mere $100 million ($259 million in 2020) in 1985. The industry recovered with the release of Japan's Nintendo Entertainment System and Nintendo's strict quality control.
Unable to sell their stock and swamped with returns from stores, Atari ended up burying almost their entire supply of games in a New Mexico landfill. In 2014 a documentary crew unearthed about 700,000 game cartridges (click to enlarge).
... writes a letter to NACM in response to an article, "Bankruptcy Prediction Made Easy," from the December 1983 issue.
The letter was published in the April 1984 issue of Credit and Financial Management (click to enlarge).
... scored a major victory when Congress adopted amendments to the Bankruptcy Code sought by the Association for four years. One important amendment was to allow local NACM associations and others to serve as secretaries to Creditors’ Committees. Previously, the code had provided that only persons who had no connections whatsoever with members of a Committee could serve in that role.
During the legislative conference many NACM delegates were able to meet and greet Senators and Congressmen (click to enlarge).
The magazine, which started out as the Bulletin in 1898, has continuously evolved throughout the past century. It has kept the Business Credit name to this day.
The last cover of Credit and Financial Management, along with the first cover of Business Credit (click to enlarge).
... of other business organizations, successfully lobbied the House and Senate as President Reagan signed into law the new Federal Prompt Payment Act.
... from New York City to Columbia, MD, in the heart of the Baltimore, Washington corridor, in close proximity to the nation's capitol
NACM would later purchase property nearby to build a new National Headquarters (click to enlarge).
... represented creditor interest in attending the White House bill signing for the enactment of the S&L bailout bill.
... through United Affiliates, Inc. (UAI).
... issued by the Federal Reserve Board, which deals with practices for business and trade creditors in the areas of noticing and record-keeping requirements under Regulation B of the ECOA..
1990s
The Information Age starts
1993's Storm of the Century stretched from Honduras to Canada, including 26 U.S. states, bringing record cold temperatures and affecting over 10 million people.
... before the administrative office of the U.S. Courts regarding proposed changes in the bankruptcy rules and forms that the Courts had proposed. This was the first time in the almost 200 year old history of the Administrative office of the U.S. Courts that a non-judicial interest offered testimony on such matters.
Representing NACM, Jim Wise (not in frame) and Chuck Tatelbaum (second from right) were well received during the proceedings (click to enlarge).
... With the assistance of other creditor groups, NACM was successful in lobbying Congress regarding two provisions of the Omnibus Crime Bill that, in NACM's opinion, would have hurt creditor interests in insolvency proceedings and failed to consider the true purposes of the bankruptcy code.
... becomes available to the public when the first web servers outside of CERN were switched on. The Internet has had a revolutionary impact on culture, commerce, and technology. As of 2019, nearly 64% of the global population has access to the Internet, which carries about 97% of all communication over it. In 2019 e-commerce contributed about $3.5 trillion dollars to the global economy. About 95% of all human knowledge is also available on the Internet.
... to minimize the effect of new money laundering regulations on trade creditors.
... before the Senate Judiciary Committee reviewing the American bankruptcy code. NACM offered to Congress a proposal which would create a new, expedited bankruptcy reorganization chapter for small businesses.
The Credit Research Foundation became one of the first approved sponsors on a new national registry of organizations that offer continuing professional education.
... and NACM teamed up to create an Unsecured Creditors Committee to represent the interests of creditors in bankruptcy matters.
... (formerly known as the "Canons of Commercial Ethics") was updated to be current with the business credit community.
... service established. ADR is a legal method that uses binding arbitration in place of lengthy and expensive court proceedings.
... NACM's focused and persistent Government Affairs efforts for four years finally resulted in passage of the Bankruptcy Reform Act of 1994. The bill's major provisions included virtually all those which NACM was actively working on. Because the bill also created a National Bankruptcy Review Commission to consider changes in the U. S. Bankruptcy Code, NACM continues to press for needed revisions and plays an active role throughout the process to make creditors' recommendations heard.
... its Diamond Anniversary!
... to secure passage of the Federal Procurement Reform Act.
The GATT (General Agreement on Tariffs and Trade), originally established after World War II, was struggling to adapt with the changing, increasingly globalized world economy. Negotiations began during September 1986 and took until November 1992 for most of the disagreements to get settled.
... formed. Composed of credit associations from the U. S., Canada, Mexico, Great Britain, The Netherlands, Australia, and New Zealand. Malaysia and South Africa applications pending. The Federation was formed to foster the exchange of ideas and practices in credit and financial management. NACM president Paul J. Mignini Jr., CAE, was elected chairman of the Federation in its inaugural year.
During Mignini's visit to Australia in 1994, NACM became one of the founding members of the federation of international associations (click to enlarge).
... for Exceptional Achievement and Service to the Profession.
Alice M.H. McGregor (click to Open/Close)
Alice M.H. McGregor, CCE, a distinguished leader and role model in the field of credit and financial management, was born in Port Glasgow, Scotland, educated at the Trinity Academy of Edinburgh, Burroughmuir Business College, and Edinburgh Business College. Later in life she furthered her career at the London Graduate School of Business and NACM-CRF's Graduate School of Credit and Financial Management, also in London, receiving the Executive Award in 1978. She earned an NIC Fellow Award in 1976 and was the first woman to receive the Certified Credit Executive (CCE) designation from NACM.
Alice served in the British Air Force (WAAF) during World War II. While in England during the war she met her future husband, George N. McGregor, who was with the Royal Canadian Air Force. After the war, the McGregors settled in Canada. After several years they relocated in Oregon, where McGregor began her career as an accounts receivable bookkeeper. The McGregors moved to Seattle in the mid-1950s, where Alice joined Puget Sound Salvage & Equipment Co. in credit and grew with the company so that by time it had become Pacific Industrial Supply Company, she was its president and owner.
McGregor was well-known for her dedicated service at the local level, where she served as president of the NACM Western Washington-Alaska affiliate. The NACM-WWA names its annual golf tournament in her honor and in appreciation of her numerous contributions established an education scholarship in her name. She was a leading figure in NACM-CFDD Seattle, life member of NACM Washington Generals, and an honorary Kentucky Colonel. She received the Golden Acorn Award in recognition of her service to the Highline School District.
Equally committed to service at the national level, Alice chaired a number of committees and remained committed to education throughout her life. She advanced credit education by conducting numerous seminars and serving as a mentor to others interested in joining the field. Her leadership at the national level led to numerous accomplishments, including her service as chairman of the NACM Board of Directors in 1989-90. Not only did she bring the association through a very difficult transition period, but she served as the driving force behind the reaffiliation of the Credit Research Foundation and NACM. During the same year she led the national board, McGregor was diagnosed with leukemia. Few people realized she was ill because she remained active, both personally and professionally.
Despite her corporate career and association responsibilities, McGregor was devoted to her family, rarely missing dinner with her three daughters, and taking the time to sip tea with them and listen to their dreams.
Alice M.H. McGregor died on October 30, 1993.
Originally published in the September 1995 issue of Business Credit.
Alice M.H. McGregor (click to enlarge).
NACM always believed in the massive potential of the "information superhighway."
One of the earliest versions of NACM's homepage, updated November 1996 (click to enlarge).
... was the Certified Expert Witness Program, which helps position qualified members as experts in preference defenses. The first class was during the 100th annual Credit Congress.
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