Surprise! World Doesn't End On Jan. 1, 2000-And Other Top Developments
WEST PALM BEACH, Fla.-The world didn't end. That may be 2000's lead story.
Y2K came and passed and with just a scarce glitch or two. At NCUA, CUNA, NAFCU and CUNA Mutual, special teams met over the Y2K weekend, while many credit unions had teams on hand at their operations. For most, the only thing they had to clean up was the mess from the News Year's Eve parties.
In the weeks after Y2K, and after years of planning, credit unions begin developing investment strategies to put to work the cash hoards they had accumulated, and armored cars began visiting branches to pickup excess cash. Among the few glitches: a man in Germany had $6.8 million deposited into his account, and the Federal Reserve sent Neches FCU ACH a transmission dated Jan. 4, 1900.
The year's other top stories:
TWO: NCUA promulgates PCA rules, with up to 400 CUs immediately affected because their capital falls below 6%. Among the early critics of PCA: Dave Marquis, director of insurance and examination with the agency.
THREE: Utah's CUs hit hard by limits to one county FOM rules pushed by bankers. One CU estimates it turns away up to 300 would be members per month.
FOUR: NCUA suspends eight employees over its "hiring scandal," including three regional directors and five senior execs. The suspensions include no pay, forfeiture of pay, and demotion in grade/rank. Under the plan, NCUA had posted phony job locations to hire favored candidates as part of an attempt to involve more minorities.
FIVE: The American Bankers Association appeals NCUA's new FOM rules.
SIX: The swing toward community charters continues, with 100 such charters OK'd in 1999 and pace continuing in 2000.
SEVEN: "e" emerges as the letter du jour, with e-commerce, e-finance, e-mail, etc. In Ocober, e-signatures bill goes into effect allowing for the first time "e-mortgages."
EIGHT: In a foreshadowing of the future, business lending CUSOs begin to grow, led by Business Lending Group, Appleton, Wis.
NINE: CUNA creates Renaissance Group to review the credit union charter. Committee headed by Frank Pollack of Pentagon FCU. Group kicks off first hearing at CUNA Symposeum in Chicago telling of "rebirth of credit union movement."
TEN: Geoff Bacino is nominated for a position on the NCUA board to replace Chairman Norm D'Amours, but D'Amours declines to step aside voluntarily.