The Other Headlines From 1999 You May Not Recall
WEST PALM BEACH, Fla. -
* Debit cards begin to surge, with 30% of CUs offering debit cards, up from 8% just two years earlier * The Ohio Bankers Association forms what it calls the OBA Militia, but it says it has no plan to attack * Sonoma County Schools CU, Santa Rose, Calif., announces it will hold a New Year's party and remain open up to midnight and beyond to prove it has no Y2K-bug problem * A bill is introduced in Washington to allow credit unions to get into the payday lending business * NCUA reports it approved 97.6% of 1998 FOM expansion and SEG requests * Los Angeles Police FCU pays a $60,000 fine for using unlicensed software * Irondequoit FCU joins the ABA's suit against NCUA over FOM rules, saying NCUA's permitting of FOM overlaps exceeds congressional intent * The California league releases a study showing banks receive more in government subsidies than CUs do through their tax-exempt status * Making good on a threat to play hardball, CUNA hires an attorney to challenge bank's legal, regulatory and legislative initiatives * The booming stock market has credit unions exploring alternative offerings, including brokerage accounts * CUNA unveils new brand, "Where People Are Worth More Than Money." * CUNA dues increase aims to head off operating deficit * The NCUF introduces the Community Investment Fund * At least 10 CUs have investments in First National Bank of Keystone (West Va.) when it failed * CUMIS announces that during 1998 its bondability database helped steer credit unions away from hiring 800 people with questionable histories * Virginia unveils a credit union specialty license plate * Ernst & Young releases study suggesting that by 2001, the world's banks will spend the same amount of money on Internet as they do on branch networks, 14% of total expenditures n In remarks before NAFCU's annual meeting, Chairman Norm D'Amours thanks "CUNA." (While speaking to NASCUS, a screen behind D'Amours keeps flashing, "No Signal.") * Aggieland Credit Union, Austin, webstreams the annual Texas A&M bonfire. The site gets 300,000 hits * Los Angeles Police CU's message as part of a home equity campaign: "Veranda Rights." * Sprint informs its employees they will no longer be able to use automatic payroll deduction at three CUs serving its employees, because it gives CUs an "unfair competitive advantage." * A Minnesota bank launches a radio ad suggesting credit unions are going to be acquired and become part of the bank merger process. * In Colorado, CUs collect funds for victims of the Columbine shootings. Public Service CU collects nearly $1 million and fields 12,000 phone calls. * A group calling itself the National Credit Union Association (NCUA) begins offering loans to consumers. When CUNA raises objections, the company responds, "Apparently they think they're the only ones that can use that name." * The Filene Research Institute releases study of thriving credit unions, finding 400 it says are "thrivers." The chief reason: they're good lenders * CUNA enters into an agreement with NEFE for financial ed * A visit by the pope to St. Louis has some CU employees staying in hotels due to traffic shutdowns * Vista FCU releases an annual report done as a comic book, including management as comic book characters * D. Hilton reports CEOs saw an average increase of 18% in 1998 compensation. * The California league pushes bill to allow CUs to reach across national borders * NCUA begins offering a $5,000 bonus for any new examiner hire. * NCUA places the $595-million Polish & Slavic FCU into conservatorship, alleging an international money laundering scheme * For the first time, the assets of the NCUSIF hit $4 billion * In testimony before the House Banking Subcommittee, NCUA General Counsel Robert Fenner calls on Congress to tighten restrictions limiting potential enrichment by CU insiders at CUs that convert * A year after being in the Oval Office for the signing of HR 1151, Carol Aranjo is ousted as chairwoman of the National Federation of CDCUs * Plans are announced to build a credit union museum inside the building that housed America's first credit union in Manchester, N.H. * Two days after being sued by Food Industries CU for embezzling $721,000 Janell Smith won $720,000 in Reno.