Credit unions

ALEXANDRIA, Va. – NCUA announced this afternoon it failed to obtain the self-imposed minimum commitments of $500 million for its voluntary prepaid corporate assessments plan, thereby cancelling the program.

LOS ANGELES – A federal judge issued a final order yesterday dismissing negligence charges against directors of WesCorp FCU but ruled that top executives of the one-time $34 billion corporate credit union must still face charges in a civil suit brought by NCUA claiming that their recklessness caused the huge corporate to fail.

ST. LOUIS – Missouri Corporate CU announced this morning it is the latest corporate credit union to receive enough capital pledges to complete a recapitalization under NCUA’s new regulations.

BAKERSFIELD, Calif.-There's still time to capitalize United Resources FCU, but the clock is ticking and a number of sources are concerned the spin-off of the one-time $34-billion WesCorp will not reach its capital call.

LOS ANGELES – In a major defeat for NCUA, a federal judge Friday agreed to dismiss negligence charges brought by the federal regulator in a civil suit against 11 directors of the one-time $34 billion corporate, all of them prominent figures in the credit union movement.

LAKE JACKSON, Texas – Texas Dow Employees CU said it joined Ohio’s Corporate One FCU.

BIRMINGHAM, Ala. – Lawyers for Corporate America CU and former executives and directors of U.S. Central FCU hammered out a settlement yesterday of a suit challenging the December 2008 conversion of $450 million of U.S. Central membership capital shares into Tier One capital that was wiped out within weeks as the one-time $52 billion corporate slid into insolvency.

LOS ANGELES-NCUA filed another suit last week against Royal Bank of Scotland over mortgage-backed securities sold to WesCorp FCU, the one-time $34 billion corporate that failed in 2009.

SAN DIMAS, Calif. – NCUA reported that Western Bridge Corporate FCU had a $2.1 million loss for May, its seventh straight monthly loss since the federal regulator transitioned the corporate failure to a bridge under its corporate resolution plan.

ALEXANDRIA, Va. – NCUA said yesterday it plans to pay off billions of dollars of CDs issued by twocorporate credit union failures by year-end as the corporates transition to new entities.

LOS ANGELES – Former officers and directors of WesCorp FCU told a federal court yesterday that NCUA’s growing legal battle with Wall Street banks over securities they sold to the failed corporate illustrates they could not have known the securities were faulty when they made the decision to buy them, thereby nullifying NCUA’s multi-billion dollar negligence suit against them.

ALEXANDRIA, Va. – NCUA is telling hundreds of credit unions the re-chartering of WesCorp FCU and U.S. Central FCU will trigger termination of billions of dollars of their CDs with the two bridge corporates, a year before NCUA’s temporary share guarantee is set to expire.

SAN DIMAS, Calif. – Philip Perkins, an investment banker brought in as conservator of WesCorp FCU more than two years ago, has been hired to be permanent CEO of the newly constituted corporate, which will be called United Resources FCU.

LOS ANGELES – NCUA filed another suit today against Royal Bank of Scotland over mortgage-backed securities sold to WesCorp FCU, the one-time $34 billion corporate that failed in 2009.

LOS ANGELES-A federal judge last week dismissed key charges in NCUA's suit against officers and directors of WesCorp FCU, but allowed several other charges to remain, making it increasingly likely there will be a trial in the failure of the one-time $34-billion corporate credit union.

GLASTONBURRY, Conn.-One vendor is predicting that numerous corporates will not be able to keep pace with competitors' item processing technology, and will eventually lose credit union customers.

LOS ANGELES – A federal judge yesterday dismissed key charges in NCUA’s suit against officers and directors of WesCorp FCU, but allowed several other charges to remain, making it increasingly likely there will be a trial in the failure of the one-time $34 billion corporate credit union.

NASHVILLE, Tenn. -Volunteer Corporate CU reported it has exceeded its $43.9 million goal for perpetual contributed capital (PPC). VolCorp said the $43.9-million goal was determined as part of its strategic plan in order to continue its current business model and not have to shrink assets, discontinue any services or raise member prices.

WARRENVILLE, Ill.-Without the emphasis on investment services within the new corporate system, John Fiore sees corporates eventually consolidating to five or six large organizations.

AUSTIN, Texas — Kerry Parker is clear about the key issue facing corporate CUs over the next few years — generating revenue.