Credit unions were all "green" New Year's weekend as the year 2000 finally arrived and the dreaded Y2K bug moved to center stage.
The President's Council on Y2K had three codes for financial institutions' Y2K assessment-green, yellow and red. According to the NCUA, credit unions notched a 100% green rating, meaning CUs reported no significant Y2K problems.
"It was a big nonevent. Nothing significant happened. We're very pleased not only with our performance, but the performance of credit unions. I'll be happy not to hear about Y2K for another thousand years," said Bob Loftus, NCUA's director of public and congressional affairs.
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Credit unions were not alone in their Y2K success, few problems were reported worldwide, and nothing significant enough happened to let the plentiful Y2K doomsayers say, "I told you so."
The NCUA reported that no credit unions reported any liquidity problems, and liquidity demand didn't seem to be much higher than during previous New Years.
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