Corporate credit unions

WASHINGTON-NCUA Deputy Director Larry Fazio said last week that the agency is continuing to review credit union interest in its proposal to allow credit unions to prepay some of their corporate credit union stabilization fund assessments, and added that whether a credit union chooses to participate or not will not be an issue during examinations.

COLUMBUS, Ohio – Corporate One FCU announced a partnership with Bluepoint Solutions designed to assist natural person credit unions currently using IMAGEin through their current corporate credit union to establish a relationship with Corporate One FCU for check processing and clearing services.

BISMARCK, N.D.-Midwest Corporate FCU has become the first corporate credit union to voluntarily liquidate in the face of daunting new capital and other regulatory requirements by NCUA.

LENEXA, Kan. – NCUA is expected to sell the major non-financial assets of U.S. Central FCU – consisting of the payments systems services and the CU Investment Solutions Inc. broker-dealer – to two separate groups of corporate credit unions in a no-bid process, as part of the dissolution of the one-time $52 billion corporate credit union.

BISMARCK, N.D. – Midwest Corporate FCU has become the first corporate credit union to voluntarily liquidate in the face of daunting new capital and other regulatory requirements by NCUA.

WALL STREET – NCUA hit the Street today with its 13th and final offering of NCUA Guaranteed Notes, used to finance the corporate credit union bailout.

IRONDALE, Ala. – Corporate America CU announced this afternoon the introduction of its own mutual fund for credit unions, the Corporate America CU Short Duration Fund.

ALEXANDRIA, Va. – NCUA reported yesterday last fall’s three corporate credit union failures – of Southwest Corporate FCU, Members United Corporate FCU and Constitution Corporate FCU – are expected to bring losses of $1.5 billion after the final toll.

TALLAHASSEE, Fla. – Southeast Corporate FCU announced this morning its recapitalization plan has been cleared by NCUA and it plans to begin soliciting members for $80 million in perpetual contributed capital on Wednesday.

ALEXANDRIA, Va.-The NCUA Board last week proposed a plan that would allow credit unions to prepay their annual assessments for the corporate credit union bailout, which they project will amount to $2.94 billion, or 38 basis points, for this year and next.

NASHVILLE, Tenn. – Volunteer Corporate CU has agreed to combine with troubled West Virginia Corporate FCU, the latest of a growing list of corporate marriages.

ALEXANDRIA, Va. – An over-concentration of subprime mortgage-backed securities caused the failure of Members United Corporate FCU, the one-time $14 billion corporate that is restructuring itself, NCUA said in a new report issued last night.

DULUTH, Ga. – Officials with Georgia Corporate FCU and Southwest Corporate FCU are soliciting their members for as much as $130 million in new capital to finance the combination of the two into a new corporate, Catalyst Corporate FCU.

WESTMINISTER, Colo. – NCUA has given preliminary approval to a group of 14 corporate credit unions to acquire the payments operations and assets of defunct U.S. Central FCU to create a new national payments company for credit unions.

COLUMBUS, Ohio – Corporate One FCU announced this afternoon it has raised $80.5 million in new capital, making the $4.5 billion institution one of the first corporates to reach NCUA’s new minimum capital standards.

SAN DIMAS, Calif. – WesCorp FCU, the newly chartered United Resources FCU, plans to begin solicitation soon for as much as $250 million in new capital, the corporate said this afternoon.

WARRENVILLE, Ill.-As the member CUs of Members United Bridge Corporate Credit Union move forward with an attempt to capitalize and charter a new corporate to replace the failed one, the group has been given the go-ahead for its chosen name: Alloya.

GREENSBORO, N.C. – First Carolina Corporate CU said this morning it raised $60 million in new Perpetual Contributed Capital, the latest corporate to complete a successful recapitalization.

SAN DIMAS, Calif. – WesCorp FCU will shed its storied past, including the failure of the one-time $34 billion corporate credit union, with a new name going forward, United Resources FCU.

WALL STREET – NCUA is expected this week to launch a new offering of bonds backed by the assets of five failed corporate credit unions, nearing the bottom of the barrel of some $50 billion of toxic assets held by the corporates that are being securitized.