Comm. Charter Comment Extended
ALEXANDRIA, Va.-NCUA is extending the comment period on proposed revisions to community chartering rules, pushing the deadline from Mar. 1 to Apr. 15. Chairman Debbie Matz said the move was made because the industry is facing multiple and simultaneous rule changes, including major changes to the corporate credit union system. The board was concerned that the CU community would not be given enough time to consider and comment on both proposals. The charter changes are designed to clarify and simplify the community chartering process by making several definitions more clear including what constitutes a local community, what a "rural district" is and what constitutes truly being "in danger of insolvency" for emergency merger purposes.
For more information on the both the corporate and charter rule changes go to: www.ncua.gov/Resources/RegulationsOpinionsLaws/ProposedRegulations.aspx.
Patelco CU Digs Out Of The Red
SAN FRANCISCO-Patelco CU said it had net income of $15.2 million for the fourth quarter of 2009, trimming its losses to $14.6 million for the year.
California's sixth-largest credit union, which lost a whopping $58.4 million in 2008, is one of several large Golden State credit unions to report a loss for last year. Others are: The Golden 1 CU, a $23.1-million loss; Kinecta FCU, a $71.3-million loss; California CU, a $24.6-million loss; North Island Financial CU, a $50.2-million loss; USA FCU, an $11.1-million loss; Arrowhead Central CU, a $26.6-million loss; SAFE CU, a $21.7-million loss; and, Kern Schools FCU, a $24.3-million loss. Wescom Central CU, which also is expected to report large losses, has yet to file its annual financials with NCUA.
Patelco reported net income of $2.3 million, $10.3 million and $2.6 million, respectively, in the final three months of 2009.
"Patelco is a community that spans all ages across all 50 states, and as such we are a reflection of the entire American economic condition," said Ken Burns, president of the $4.1-billion credit union. "As we all know, the economy has had an impact on the financial performance of many financial institutions, our credit union included. But we are pleased to see positive earnings and light at the end of the tunnel."
