Credit unions

PLANO, Texas – Catalyst Corproate FCU, the new corporate credit union formed by the combination of Southwest Corporate FCU and Georgia Corporate FCU, said this afternoon it hired Kathy Garner, the former president of Northwest Corporate FCU, as president and CEO.

The Federal Home Loan Bank system, which has emerged as a critical CU backstop, has made a pitch to NCUA that could tap the movement for tens of billions of dollars in new funds.

ALEXANDRIA, Va. – Credit unions are calling on NCUA to undertake major reforms to its emergency lending fund, the Central Liquidity Facility, which is endangered by the demise of its owner, U.S. Central FCU.

LOS ANGELES – NCUA told a federal court Friday a ruling earlier in the week in Massachusetts should support its billion-dollar lawsuits against two Wall Street banks for the sale of mortgage backed securities to failed corporate credit union giants, WesCorp FCU and U.S. Central FCU.

WARRENVILLE, Ill. – Alloya Corporate FCU, the remnants of Members United Corporate FCU, a one-time $14-billion corporate, yesterday reported 2011 net income of $9.6 million on what is now just $1.7 billion of assets.

ALEXANDRIA, Va. – The NCUA Board this morning approved the combination of Ohio’s Corporate One FCU with Florida’s Southeast Corporate FCU, the fifth corporate merger over the past few months, whittling down the number of corporates to 15.

PLANO, Texas – Catalyst Corporate FCU yesterday said it plans to offer credit unions a secure and affordable alternative for processing lockbox payments next month.

ST. LOUIS – Missouri Corporate CU has signed with Lendingtools.com to offer the company’s ACH services.

WARRENVILLE, Ill. – Alloya Corporate FCU said it is moving its ACH services from U.S. Central to Fundtech, the latest corporate to do so.

LOS ANGELES – With its lawsuits hanging by a thread, NCUA urged separate federal courts here and in Kansas Friday to allow it to advance its claims and make its case against Wall Street banks who sold faulty mortgage-backed securities that caused the failure of five corporate credit unions.

COLUMBUS, Ohio – Corporate One FCU has signed with Fundtech to offer credit unions ACH services through Fundtech’s CASHplus and PAYplus-ACH payment systems.

RANCHO CUCAMONGA, Calif. – CO-OP Financial Services yesterday said it has completed the acquisition of the assets of U.S. Central FCU’s Corporate Network eCom, LLC, including its online and mobile bill pay services, and all employees.

MIDDLETOWN, Penn. – Mid-Atlantic Corporate FCU said this afternoon it has completed the merger of Virginia Corporate FCU, the latest corporate combination creating a corporate credit union with $4.1 billion in assets serving more than 800 credit unions.

WICHITA, Kan. – A federal judge issued a show cause order yesterday, jeopardizing NCUA’s suit against Wachovia Securities for the sale of failed mortgage backed securities to WesCorp FCU and U.S. Central FCU because NCUA has yet to legally serve the Wall Street bank, now a unit of Wells Fargo, more than two months after bringing the suit.

PARKERSBURG, W.Va. – Members of West Virginia Corporate CU overwhelmingly approved its combination with Volunteer Corporate CU, the final approval needed for the merger creating a $1.4-billion corporate serving 335 members.

ALEXANDRIA, Va. – NCUA said this morning it disagrees with yesterday’s tentative ruling by a federal judge dismissing its suit against RBS Securities in the failure of WesCorp FCU, a ruling that could jeopardize similar suits against JP Morgan Chase, Goldman Sachs and Wells Fargo for the sale of risky mortgage backed securities to five failed corporate credit unions.

LOS ANGELES – A federal judge on Monday indicated he plans to dismiss NCUA’s suit against RBS Securities for the sale of failed mortgage backed securities it sold to WesCorp FCU, a ruling that potentially jeopardizes all of NCUA’s claims against Wall Street banks for the failure of the five corporate credit unions.

ALEXANDRIA, Va. – The NCUA Board this morning approved the proposed merger of Tennessee’s Volunteer Corporate CU with West Virginia Corporate CU, accelerating the pace of the corporate restructuring.