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VOL. 114 | NO. 187 | Monday, September 25, 2000

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Timeline Timeline 1990: Five banks backed by the American Bankers Association sue the National Credit Union Administration and the AT&T Family Federal Credit Union. The banks claim they are being "harmed" by the credit union regulator's 1982 policy allowing credit unions to serve more than one group of members. Oct. 25, 1996: After several rulings and appeals, District of Columbia District Court Judge Thomas Penfield Jackson issues a nationwide injunction barring federal credit unions from adding new groups and barring anyone from joining through existing groups. Federal credit unions are forced to turn away more than 4,000 applicants every business day. Nov. 26, 1996: NCUA, credit union trades, National Association of Federal Credit Unions and Credit Union National Association appeal to U.S. Supreme Court. Dec. 24, 1996: Partial stay of the nationwide injunction granted. Federal credit unions are still barred from adding new groups, but new members are again allowed to join through existing groups. March 20, 1997: The Credit Union Membership Access Act, HR 1151, is officially introduced into the U.S. House of Representatives. Oct. 6, 1997: Supreme Court hears oral arguments in the credit union case. Feb. 25, 1998: Supreme Court rules against credit unions, 5-4. April 1, 1998: The House overwhelmingly passes its version of H.R. 1151 by a vote of 411-8. July 28, 1998: The Senate passes its version of HR 1151, 92-6. Aug. 7, 1998: President Clinton signs H.R. 1151, overturning Supreme Court decision. Sept. 1, 1998: NCUA, NAFCU and CUNA file joint motion to dismiss the AT&T case, the injunction and all appeals. January 1, 1999: Credit Union Membership Access Act takes effect allowing credit unions to serve multiple groups and add new companies to their rolls. January 8, 1999: The ABA and American Community Bankers file suit in the U.S. District Court for the District of Columbia against the NCUA, the 21st field-of-membership case filed by the ABA or related organizations around the country. The suit challenges the legality of new NCUA regulations that allow credit unions to serve multiple groups. Bankers state that banks would suffer irreparable harm if the new rules were allowed to move forward. The ABA also requests a preliminary injunction that would prevent NCUA from approving future expansions and would declare any previously approved expansions under the new regulations null and void. March 10, 1999: U.S. District Court Judge denies the ABAs request for a preliminary injunction against the NCUAs new chartering rule. March 30, 1999: Federal Judge dismisses nearly all counts raised by bankers in their latest suit. April 3, 2000: The U.S. District Court dismisses the balance of the American Bankers Association's suit. In a 35-page ruling, Judge Colleen Kollar-Kotelly upheld the National Credit Union Administration's interpretations of the Credit Union Membership Access Act. June 29, 2000: Bankers appeal. Source: Credit Union National Association, National Association of Federal Credit Unions
PROPERTY SALES 56 437 16,061
MORTGAGES 76 508 18,556
BUILDING PERMITS 241 876 33,390
BANKRUPTCIES 64 301 10,314