NCUA: Corp Cap Shares Cover Losses
ALEXANDRIA, Va. -In a ruling that will have far reaching implications, NCUA said that membership capital shares on deposit with a corporate credit union are available to cover the growing losses at corporates, even during the three-year notice period for withdrawal of the capital.
Members United Predicts More Losses
WARRENVILLE, Ill.-Members United Corporate FCU recently warned its members of more losses coming, which will further erode dwindling capital.
Legacy Launches Do Good Foundation
BIRMINGHAM, Ala.-Legacy Community CU, which has been going around town the past six weeks calling on individuals to DoSomethingGoodToday, is founding its own Do Something Good Foundation that will help fund good deeds that are nominated through the DoSomethingGoodToday.com website and continue the promotion of random acts of kindness and good deeds in the Birmingham area.
CEO Jailed For Over Paying Himself
BURLINGTON, Vt.-The former president of River Valley CU was sentenced to six months in prison and ordered to pay as much as $200,000 in restitution for funds he stole from the Brattleboro credit union.
NCUA Shopping Troubled Keys FCU
KEY WEST, Fla.-NCUA said it is accepting bids to acquire Keys FCU, a one-time $200 million credit union taken under federal conservatorship last September. NCUA declined to disclose the bidders for the troubled credit union, but credit union giant Navy Federal Credit Union is believed to be among the interested parties for the credit union that serves the Naval Air Station in Key West.
Four Banks Fail, Including Two In GA
WASHINGTON-The FDIC seized four banks March 26, making a total of 41 bank failures so far in 2010. These most recent failures included one in Florida, one in Arizona and two more in Georgia-ground zero for the banking crisis, where 38 banks have gone under since August 2008.
CEO To Pay NCUA For CU Failure
GLEN ROCK, N.J.-The former CEO of defunct Peoples First Choice FCU has agreed to pay NCUA $570,000 to settle claims in a civil lawsuit alleging that insider dealings by him and others sank the one-time $25 million credit union.
TJX Hacker Gets Extra Day In Prison
BOSTON-The hacker responsible for the biggest data breaches over the past five years was sentenced to 20 years and one day in prison for helping steal data on millions of accounts from Heartland Payment Systems, but the sentence will run concurrently with the 20-year term drawn the day before for breaking into databases at TJX Cos., BJ's Wholesale Club, Office Max, Dave & Busters, Barnes & Noble and others.
CUs Can Add Floor Rate To HE Loans
ALEXANDRIA, Va.-NCUA said in a new legal opinion that federal credit unions may add a fixed minimum, or "floor," rate to existing home equity loans as long as the original loan agreement included in writing the possibility of the minimum rate.
Corp Vs. Corp Suit Set For December
IRONDALE, Ala.-Corporate America CU's case against former executives and directors at U.S. Central FCU appears headed for trial as U.S. District Court Judge Inge Johnson recently scheduled a date for Dec. 6.
Risk-Weighting Pay Scales Have Limits
NEW YORK-Analysts are suggesting that the newest plans to further link pay and compensation at financial services firms to risk levels will face inherent limitations. Such proposals are being made as Washington looks to potential regulations to help stave off another financial crisis.
CUs Cutting Overlimit Authorizations
DES MOINES, Iowa-As a result of passage of the CARD Act and its Aug. 22 compliance date, 95% of credit unions that issue cards in conjunction with TMG here have discontinued the authorization of overlimit credit card transactions, the company is reporting.
Housing Market Data A Mixed Bag
NEW YORK-For the eighth consecutive month, home values showed an improvement in one analysis, but others show declines in what's considered a bellwether for the economy. Standard & Poor's Case-Shiller Index rose 0.3% in January from December. But a number of analysts say the news is mixed.
Best & Worst Places For Homes
NEW YORK-Had you been able to buy a home anywhere in the U.S. in the year 2000, where would you have seen the most appreciation? With home data for January now available, it is possible to show the best and worst places to have bought and owned real estate over the first decade of this century.
Feared Default Wave Now Less Likely
BOSTON-Fears that a new wave of adjustable-rate mortgage rates resetting will set off another wave of home foreclosures likely will not be as severe as expected, according to new analysis by Aite Group.
Govt. Could Turn $7B Profit On Citi
WASHINGTON-Uncle Sam could turn a profit of more than $7 billion in its investment in Citigroup as it makes plans to sell the $32-billion stake it currently holds.
