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SAN DIEGO — With his studded collar and fierce name, Spike is not about to back down just because the economy's in flux-just one of the reasons USA FCU chose the 59-pound bulldog to be its official "spokesdog" for the credit union.

NORWALK, Conn. – Credit union observers around the country see yesterday’s action by the Financial Accounting Standards Board as easing some of the strains on credit unions, but too late to help others.

NORWALK, Conn. – The Financial Accounting Standards Board voted several changes to its mark-to-market rules this morning to ease the strain on banks, credit unions and other financial institutions–but in a major blow rejected requests to allow the entities to apply the changes retroactively to their 2008 financials.

MIRAMAR, Fla. – State regulators said yesterday they issued a cease and desist order against Eastern Financial Florida CU, the ailing credit union giant, for unsafe and unsound practices as it struggles to dig out from under the state’s growing mortgage crisis.

ALEXANDRIA, Va. – NCUA said yesterday credit unions should expense the premium it assesses to recapitalize the National CU Share Insurance Fund when the premium is assessed, probably in the fourth quarter of this year.

NORWALK, Conn. – After a withering lobby by banks and credit unions, the Financial Accounting Standards Board is expected this morning to approve new guidance changing aspects of controversial market-to-market accounting rules, but the changes may come too late for some credit unions, especially corporates.

NORWALK, Conn. – NCUA and the banking regulators told the Financial Accounting Standards Board Friday they support proposed changes to mark-to-market accounting rules that would allow entities to separate expected losses from market-value losses on their financial reports, but only for the just completed quarter and not retroactively, as many credit unions are requesting.

APPLE VALLEY, Calif.–High Desert FCU, which was placed under conservatorship by NCUA in October 2008 after losing $15.4-million in the first three quarters of the year, is to be merged with another credit union. But which credit union will make the purchase and assumption has yet to be identified, according to High Desert, which announced the pending P&A on its website.High Desert’s new management had earlier indicated to Credit Union Journal that it was not looking to merge, even though capital had declined to just 2.3%. In December, 2008, HDFCU laid off 16 staff members.“Based upon a thorough review of High Desert, NCUA representatives have decided to combine High Desert with another credit union,” the credit union is telling its members. “We expect the process to be complete by June 30, 2009. Rest assured NCUA has a strict process for analyzing credit union consolidations.”

NORWALK, Conn. – Credit union executives were calling on the Financial Accounting Standards Board last week to change the rules on mark-to-market accounting in order to ease the controversial rules’ effects on their books, stretching back to last year.

MONTEREY, Calif. — A few years back economist Christopher Thornberg appeared before California's credit unions during the era when markets only went "boom" with a message that things were likely to go "bust."

MONTEREY, Calif. — Why troubled corporates just weren't allowed to fail, what CUs need to do to get their phone calls returned in Washington, and how credit unions can better prepare for 2009 exams by regulators were all given attention during a panel discussion here.

MONTEREY, Calif. — Just four days before NCUA took over WesCorp and U.S. Central, NCUA Vice Chair Rodney Hood appeared before a California audience and was asked about the corporates' health. Here's how he responded to two questions:

]ALEXANDRIA, Va.— With bonuses for executives of the failed AIG in the news, NCUA officials were asked during a webcast whether bonuses would be paid to the two CEOs removed by NCUA in its conservatorship, Bob Siravo of WesCorp and Francis Lee of U.S. Central.

RANCHO CUCAMONGA, Calif. — During a California/Nevada league-hosted conference call on the NCUA conservatorship of WesCorp, several participants urged legal action to seek an injunction.

DES MOINES, Iowa — Iowa Central Corporate CU is working closely with its audit firm to determine any potential impairment from its our shares at U.S. Central. "We would remain well capitalized with a total capital ratio in excess of 20%, five times the regulatory minimum, in the event of a full write-down of capital shares at U.S. Central," said President Sara Flynn.

PASADENA, Calif. — For the $3.2-billion Wescom Credit Union, which has closed branches and taken other cost-cutting steps, the news that WesCorp, just 21 miles away, had been placed into conservatorship is an "expense none of us can afford right now."

WINSTON-SALEM, N.C. — Members Credit Union here expects that in addition to the 51 basis points it is already being assessed by NCUA that it will pay approximately 18% more as a result of the additional assessment.

BISMARCK, N.D. — Updating member credit unions about NCUA's actions was the first course of business at Midwest Corporate FCU, shared President Doug Wolf, who admitted he was surprised by the news.

WALL STREET — Fitch Ratings slashed its ratings last week on eight corporate credit unions it said will have most of their capital wiped out by the NCUA takeover of U.S. Central FCU.

NEW YORK-Faith-Based credit unions are being told that NCUA's corporate stabilization program will affect them "in a substantial way," including lower net income.