Credit unions

ALEXANDRIA, Va. – NCUA on Wednesday said it expects next year’s corporate credit union assessment to be much less than this year’s 25 basis points, $2 billion charge.

SAN DIEGO-The field of potential acquirers for WesCorp/Western Bridge Corporate CU has been narrowed down to four unidentified bidders, with action expected by the end of November.

WICHITA, Kan. – JP Morgan Chase rebutted claims in an NCUA lawsuit it misled four failed corporate credit unions into buying $1.5 billion of risky mortgage-backed securities, and pointed the finger—as NCUA’s own internal reviews have—at the management of the failed corporate and NCUA’s own examiners.

ALEXANDRIA, Va. -- The NCUA Board voted in closed meeting this morning to approve the combination of Pennsylvania-based Mid-Atlantic Corporate FCU with Virginia Corporate FCU, one of six corporate mergers in progress.

The NCUA Board is expected to vote in closed meeting next week on the combination of Pennsylvania-based Mid-Atlantic Corporate FCU with Virginia Corporate FCU, one of six corporate mergers in progress.

DES MOINES, Iowa – Directors of Iowa Corporate CU are scheduled to meet over the next two weeks to prepare a voluntary plan of liquidation for the $100-million corporate.

SAN DIMAS, Calif. – NCUA on Tuesday said it completed the early redemption of CDs held by members of WesCorp (Bridge) Corporate FCU last week.

PHOENIX – First Corporate CU on Wednesday said its president and CEO Peter Pritts resigned, effective immediately.

LOS ANGELES – RBS Securities on Friday asked a federal court to dismiss securities claims against it by NCUA in the failure of WesCorp FCU, saying the one-time $34-billion corporate credit union was a sophisticated investor and knew the risks of the almost $1 billion in residential mortgage-backed securities it bought from the Wall Street bank.

ST. LOUIS – Missouri Corporate CU said its members have exceeded its capital call of $17.5 million, which will allow it to retain $20 million in perpetual contributed capital and return $2.6 million of the over-subscription to members.

IRONDALE, Ala. – Corporate America CU on Wednesday said it will begin offering debit and credit card services to its member credit unions through a new partnership with PSCU Financial Services.

ALEXANDRIA, Va. – An internal report issued by NCUA this afternoon said the agency’s Office of Corporate CUs failed to identify the Texas corporate’s high concentration of investments, which led to the 2010 failure of the one-time $12 billion corporate.

LOS ANGELES – Executives of WesCorp FCU, who claim NCUA is as culpable as they are for the spectacular failure of the one-time $34 billion corporate credit union, told a federal court here they plan to call examiners and all three members of the NCUA Board as witnesses in the agency’s multi-billion dollar negligence suit.

WASHINGTON – Just when they thought it was safe to wade back in to the water, credit unions are due to fork over their 25 basis points – $2 billion – corporate credit union assessment to NCUA over the next few days.