Nine Other Events Also Worth Noting

Register now

WEST PALM BEACH, Fla. - The Top 10 stories of 1998 could well all be related to one thing: getting the Credit Union Membership Access Act passed by Congress.

Instead, the Editors of The Credit Union Journal have named that story as the No. 1 story of the year, and then broken out all the related news (see related story).

In our view, 1998's top stories were:

ONE: The Credit Union Membership Access Act, better known as HR 1151, overwhelmingly passes the House 411-18, culminating a two-year battle to pass the legislation. It later passes by a similarly wide margin in the Senate.

TWO: In the wake of new law, NCUA OK's new FOM rules that allow FCUs to begin adding SEGs

THREE: Forty members and employees of Ufundi Savings and Credit Cooperative Society are killed in a terrorist blast in Kenya.

FOUR: Karl Hoyle is fired by NCUA for his purported role in agency's hiring scandal. Len Skiles named to replace Hoyle as NCUA exec director.

FIVE: State regulators reach landmark agreement to streamline regulation of state-chartered CUs operating in multiple states. Not ones for brevity, NASCUS calls deal, "The Nationwide Cooperative Agreement for the Supervision of State Chartered Credit Unions Operating in a Multi-State Environment."

SIX: California league unveils plans to begin working with WOCCU on a system to help send money overseas.

SEVEN: Smaller credit unions warn that if FOM overlaps become the norm they are in great danger.

EIGHT: ABA says it will back NCUA in a plan to impose CRA-like rules on credit unions.

NINE: The Credit Union Journal reports on a story called, on the emergence of search engines and how they demonstrate the level of new competition to credit unions.

TEN: NCUA Chairman Norm D'Amours burns some of his last bridges with comments at GAC critical of lack of volunteers in elected positions at the trade associations.

For reprint and licensing requests for this article, click here.