Credit unions

ALEXANDRIA, Va. – NCUA announced this afternoon it awarded CO-OP Financial Services, the credit union-owned payments company, the right to acquire the assets of U.S. Central’s Corporate Network eCom, the failed corporate’s online and mobile payments services.

ALEXANDRIA, Va. – NCUA this afternoon approved the combination of Treasure State Corporate CU in Montana and Kansas Corporate CU, one of seven corporate mergers pending.

PLANO, Texas – NCUA has awarded the remnants of WesCorp FCU, including computer systems and member accounts, to Catalyst Corporate FCU, formed by the recent merger of Southwest Corporate FCU and Georgia Corporate FCU.

PLANO, Texas – In just its second month of operation, Catalyst Corporate FCU reported it has achieved “well-capitalized” status, an objective it had projected to reach in 2013.

WASHINGTON – U.S. Central FCU, WesCorp FCU and other troubled corporate credit unions accessed the Federal Reserve’s special Term Auction Facility for huge amounts of emergency loans as they sought liquidity in the face of mounting losses on their mortgage backed securities, according to new data released by the Fed.

NASHVILLE, Tenn. – Members of Volunteer Corporate CU approved the combination with West Virginia Corporate FCU to create a $1.5 billion corporate, one of six pending corporate marriages.

ALEXANDRIA, Va. – NCUA said this afternoon if filed another suit against a big investment firm over the sale of mortgage-backed securities to failed corporate credit unions, this one naming defunct Wachovia Bank and its subsidiaries.

MIDDLETON, Penn. – Members of both Mid-Atlantic Corporate FCU and Virginia Corporate FCU have approved the combination of the two entities, creating a corporate credit union serving some 800 credit unions with $4 billion in assets.

LOS ANGELES – NCUA told a federal court here yesterday it should not be required to indemnify or pay hundreds of thousands of dollars in legal fees for the defense of top executives of WesCorp FCU it is suing unless or until the executives prove they were not responsible for the failure of the one-time $34 billion corporate credit union.

ALEXANDRIA, Va. – NCUA announced this afternoon it will receive $165 million from Citigroup and Deutsch Bank Securities to settle claims of wrongdoing in the sale of mortgage backed securities to failed corporate credit unions.

PLANO, Tex.-The vacuum created by the demise of U.S. Central FCU is being felt by other corporates and, in turn, their natural-person CU members.

WARRENVILLE, Ill.-Natural-person credit unions are still skeptical about their corporate counterparts, and one person said much of that boils down to the options available to small to mid-size CUs.

BIRMINGHAM, Ala.-Corporate America CU continues to move forward with its merger with Louisiana Corporate CU, with representatives of both corporates saying there is no basis for one report that NCUA has concerns over the deal.

IRONDALE, Ala.-As the corporate CU market shakes out, at least one CEO believes the emerging battleground will be in fighting for the business of small and mid-size credit unions.

FRISCO, Texas-America is still waiting for the housing market to recover. Get ready to wait a lot longer.

COLUMBUS, Ohio-Corporate credit unions are going to be under a lot of pressure to perform as they move forward, and one person believes some simply aren't going to make it.

DES MOINES, Iowa – Iowa Corporate Central CU plans to make a partial distribution to its 140 members before year-end as part of a voluntary liquidation plan approved by the board of the $100-million corporate credit union.