Matz Unveils Dates For NCUA 'Listening Sessions'
ALEXANDRIA, Va.-NCUA Chairman Debbie Matz has released dates for her upcoming "Listening Sessions." Matz will host the sessions May 2 in Boston, May 9 in Alexandria, June 5 in St. Louis, June 9 in Orlando, July 10 in San Diego, and July 31 in Denver. Registation is free, but limited to 150 people. In addition to Matz, other NCUA board members, senior NCUA staff and supervisory personnel will be on hand. For info: www.ncua.gov.
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HarborOne Board Votes To Proceed With Conversion
BROCKTON, Mass.--Directors at HarborOne CU, New England's second largest credit union, voted unanimously last week to put the issue of whether to convert to a state chartered cooperative savings bank to its 180,000 members.
The bank bid by the $2-billion credit union would be the biggest conversion yet of a credit union. Another credit union giant, $1.5-billion Technology CU in California, is also seeking to convert charters, but has also yet to put it to a member vote.
More WesCorp Rulings Issued
LOS ANGELES-A federal judge has dismissed claims by senior WesCorp FCU officials that NCUA may have contributed to the failure of the one-time $34-billion corporate by approving the risky investments that sunk the corporate giant. The ruling came as Judge George Wu was issuing another ruling in a separate suit brought by NCUA over the corporate failures, rejecting claims by Goldman Sachs & Co. that NCUA's year-old suit was filed too late to satisfy the statute of limitations.
The role of Judge Wu, who also is presiding over another suit by NCUA against RBS Securities, is pivotal to NCUA's efforts to recover on the huge corporate losses as it will set precedent for numerous claims against other Wall Street banks.
But Judge Wu's role is critical in the NCUA cases for another reason. The WesCorp defendants say NCUA cannot plausibly claim that the cause of the corporate failure was their fault and also claim the failure was caused by the Wall Street banks. The conflicting claims have been noted several times during mediation sessions in the WesCorp case, according to several lawyers who were present.
CUNA Reports Lower Net
WASHINGTON-CUNA last week said a $1.2-million charge mostly to wind down its defined benefits retirement plan ate into its bottom line and helped produce a $400,000 net for 2011, down from a $2.2-million net for 2010. Revenues were $49.8 million and operating expenses of $48.2 million for 2011, both down from 2010, creating an operating net of $1.6 million last year. That compares to a $2-million operating net for 2010. Last year's net helped rebuild net assets, or reserves, to $12 million at year-end 2011.
The budget for 2012 calls for a 3% rise in revenue to $51.3 million, and a 4% rise in expenses to $50 million, leaving a $1.3-million operating net for the year. The figures are audited.
Owens Interim CEO At NFCDCU
WASHINGTON-The National Federation of Community Development CUs has named Pamela Owens, its director of education and training, as interim CEO. Current CEO Cliff Rosenthal is taking a job with the Consumer Financial Protection Bureau as assistant director, leading the Office of Financial Empowerment
SECU Waives Mortgage Fees
RALEIGH, N.C.-State Employees' CU said it will continue to waive late fees on first mortgage loans up to 45 days late to help members whose lives have been disrupted by significant events such as the loss of a job. Additional SECU mortgage changes have included the elimination of private mortgage insurance requirements, reduced origination fees, specialty mortgage programs for first-time homebuyers, and an in-house Mortgage Assistance Program designed to keep members in their homes.
ST. LOUIS - Anheuser-Busch Employees' CU has installed a dual Level II charging station in preparation for the continued rollout of electric vehicles in the area. The station offers two fast-charging connectors; Internet connectivity (allowing it to be located using computers and smart phones); data collection about energy use, emissions and fuel savings; connection to a smart grid, and ontrolling access for CU officials.
