Katrina, Bankruptcy Make Top Headlines

Credit Union Journal, The, January, 2007

ONE: Disaster Recovery. With credit unions in the U.S. still recovering from 2004's four hurricanes and Sri Lanka's CUs still cleaning up from the devastating tsunami, Hurricane Katrina roars ashore in the gulf destroying CUs and displacing thousands of members, many of whom have never returned. In New Orleans, some CU staff began living in branches. CUNA Mutual estimated the cost of Hurricanes Katrina, Rita and Wilma was $27.5 million.

TWO: Bankruptcy reform bill is signed into law after more than a decade of trying.

THREE: CUs dodge the bullet at a House hearing on tax-exempt groups. While the focus was on other not-for-profit entities, CUs would later come under the same congressional gun at a hearing on the CU tax exemption. And a name CUs hadn't heard in a...

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