From Hurricanes In Florida To Litigation In Utah, Credit Unions Face Challenges From All Sides In 2004

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ONE: The credit union-to-bank conversion tide is stemmed as more members step up to oppose and even stop conversions (see related story, this page).

TWO: NCUA directs three Utah credit unions to virtually stop accepting new members. Litigation follows, and the Utah legislature at the behest of Salt Lake City-based Zions Bank sends an anti-CU resolution to Congress.

THREE: Check 21 becomes law

FOUR: California/Nevada CUs agree to a special assessment of $6 million to underwrite a two-year public advocacy effort. Research had earlier found the "lack of awareness of credit unions to be disturbing."

FIVE: Florida's credit unions are battered by hurricanes Charley, Frances, Ivan and Jeanne. Among the lessons learned: many employees aren't lost to hurricane damage, but to the stress of the recovery.

SIX: CUNA Mutual CEO Mike Kitchen resigns following violation of federal labor laws during the long-stalled union contract negotiations.

SEVEN: Dennis Dollar exits NCUA as one of its most popular chairmen, having overseen the Reg Flex initiative, expansion of fields of membership, and more. JoAnn Johnson becomes chair of NCUA.

EIGHT: The New Jersey league terminates the contract of CEO Thomas Shaughnessy. Later, the league will file suit against Shaughnessy charging misuse of funds.

FOUR: Four suspects are arrested in Ohio for abduction/robberies at several CUs.

TEN: CUNA creates Hispanic Outreach Center. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.

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