Credit unions

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.

BIRMINGHAM, Ala.-Shrinking the balance sheet and focusing primarily on item processing may not be a business model that helps corporates survive, and may likely lead to more consolidation.

COLUMBUS, Ohio-Having emerged from the recession in a strong capital position, Corporate One FCU believes corporates will be able to play key roles in helping natural-person credit unions reach their strategic objectives.

SAN DIMAS, Calif.-With plans to merge with Members United Bridge Corporate scuttled by NCUA, Western Bridge Corporate is moving closer to receiving its charter as a standalone CU.

SAN FRANCISCO-NCUA has cleared the way for credit unions to prepay their corporate stabilization assessments, but they will have to follow a series of rapid-fire steps to participate in the program.

SAN ANTONIO-Credit Union Journal asked attendees at CUNA's America's Credit Union Conference, "What are your thoughts on NCUA's proposal to allow prepayment of corporate assessments."

COLUMBUS, Ohio – Corporate One FCU has expanded its relationship with Jack Henry & Associates’ ProfitStars and will now offer ProfitStars client credit unions the ability to process electronic payment transactions through Corporate One, including merchant and consumer remote deposit capture transactions, check conversion, and Check 21 settlement options.

SOUTHFIELD, Mich. – CenCorp CU said yesterday it received commitments from 90% of its more than 300 members for perpetual contributed capital, raising $80 million in new capital.