Credit unions

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.

BIRMINGHAM, Ala. – Barring a last-minute settlement, past and present credit union leaders are scheduled to go on trial Aug. 1 for their role in the 2008 conversion of $450 million of temporary capital in U.S. Central FCU into permanent capital that was erased within weeks by growing losses at the one-time $52 billion central bank for credit unions.

LOS ANGELES-Lawyers for NCUA told a federal judge here that the federal agency's June 20 suits against JP Morgan and RBS Securities should not exonerate officers and directors of WesCorp FCU in the 2009 failure of the one-time $34-billion corporate.

GREENSBORO, N.C. – First Carolina Corporate CU said yesterday it raised $65 million in new perpetual contributed capital, enough to attain NCUA’s new minimum capital standards.

LOS ANGELES – Lawyers for NCUA told a federal judge here that the federal agency's June 20 suits against JP Morgan and RBS Securities should not exonerate officers and directors of WesCorp FCU in the 2009 failure of the one-time $34 billion corporate credit union.

ALEXANDRIA, Va. – NCUA approved a program this morning allowing credit unions to voluntarily prepay hundreds of millions of dollars in interest-free corporate stabilization assessments in order to defray the long-term costs of the stabilization plan.

ALEXANDRIA, Va. – The NCUA Board rejected a plea from the organizers of the new Members United Corporate FCU to appoint a director of the Illinois credit union league as chairman of the board of directors of the new corporate, to be known as Alloya Corporate FCU.

WASHINGTON-CUNA, NAFCU and NASCUS have all filed comment letters with NCUA on its proposed voluntary corporate stabilization prepayment program, and all three groups have found different components of the proposal they would like to see changed.

ALEXANDRIA, Va.-Dozens of credit unions are committing to participating in a proposal allowing them to prepay NCUA assessments for the corporate crisis, with most of them calling for an increase in the program from the $300 million proposed to at least $1 billion.

ALEXANDRIA, Va.-In keeping to its nine-month-old projections of the cost of the corporate credit union stabilization program at $7 billion to $9 billion, at least one person is wondering if the agency is vastly underestimating the costs for political reasons.