Industry Timeline

Northwestern Financial Review, Apr 15-Apr 30, 2005

1986 - Reg Q discontinued; Tax Reform Act extends deductibility of interest on home equity lines.

1987 - ABA forms American Bankers Professional & Fidelity Insurance Co.; Farmer Mac created; Congress passes Expedited Funds Availability Act.

1988 -ABA forms its for-profit subsidiary, the Corporation for American Banking.

1989 - ABA adds "service memberships" for vendors; Congress passes Financial Institutions Reform, Recover and Enforcement Act.

1991 - ABA establishes Institute of Certified Bankers; Congress passes the FDIC Improvement Act and the Trust in Savings Act.

1992 - ABA creates Center for Community Development to help bankers serve minority and low-income communities.

1994 - Congress passes Riegle Neal Interstate Banking and Branching Efficiency Act; it also passes the Riegle Community Development and Regulatory Improvement Act.

1995 -ABA Securities Association formed; the nation's first Internet-only bank is formed (Security First Network Bank).

1996 - ABA launches its web site, www.aba.com; ABA opens membership to thrifts.

1997 - ABA Insurance Association formed; banks permitted to file for subchapter S incorporation.

1998 - ABA pledges support for America's Promise, 1,000-plus banks quickly sign on; ABA launches another forprofit subsidiary, ABAecom.

1999- Congress passes the Gramm-Leach-Bliley Act; ABA creates Center for Agricultural and Rural Banking.

2000 - Banking industry advances through millennial data change without problems.

2001 - Congress passes USA Patriot Act in response to terrorist attacks.

2003 - Congress passes Fair & Accurate Credit Transactions Act.

2004 - Check 21 law becomes effective.