Credit unions

ALEXANDRIA, Va. – An over-concentration of subprime mortgage-backed securities caused the failure of Members United Corporate FCU, the one-time $14 billion corporate that is restructuring itself, NCUA said in a new report issued last night.

DULUTH, Ga. – Officials with Georgia Corporate FCU and Southwest Corporate FCU are soliciting their members for as much as $130 million in new capital to finance the combination of the two into a new corporate, Catalyst Corporate FCU.

WESTMINISTER, Colo. – NCUA has given preliminary approval to a group of 14 corporate credit unions to acquire the payments operations and assets of defunct U.S. Central FCU to create a new national payments company for credit unions.

COLUMBUS, Ohio – Corporate One FCU announced this afternoon it has raised $80.5 million in new capital, making the $4.5 billion institution one of the first corporates to reach NCUA’s new minimum capital standards.

SAN DIMAS, Calif. – WesCorp FCU, the newly chartered United Resources FCU, plans to begin solicitation soon for as much as $250 million in new capital, the corporate said this afternoon.

WARRENVILLE, Ill.-As the member CUs of Members United Bridge Corporate Credit Union move forward with an attempt to capitalize and charter a new corporate to replace the failed one, the group has been given the go-ahead for its chosen name: Alloya.

GREENSBORO, N.C. – First Carolina Corporate CU said this morning it raised $60 million in new Perpetual Contributed Capital, the latest corporate to complete a successful recapitalization.

SAN DIMAS, Calif. – WesCorp FCU will shed its storied past, including the failure of the one-time $34 billion corporate credit union, with a new name going forward, United Resources FCU.

WALL STREET – NCUA is expected this week to launch a new offering of bonds backed by the assets of five failed corporate credit unions, nearing the bottom of the barrel of some $50 billion of toxic assets held by the corporates that are being securitized.

WARRENVILLE, Ill. – Members United Corporate FCU, one of three corporate failures seeking to revive itself, has received approval from the U.S. Patent and Trademark Office to begin anew as Alloya Corporate FCU.

SAN DIMAS, Calif. — The rebuilding of the former Western Corporate FCU (WesCorp) took another step last week with the election of a new board.

ALEXANDRIA, Va. — Amid widespread opposition, the NCUA Board last week voted amendments to its corporate credit union rule that eliminates the controversial provisions limiting credit unions to one corporate and encouraging corporates to assess charges for the corporate bailout on privately insured credit unions and CUSOs.

ALEXANDRIA, Va. — Amid widespread opposition, the NCUA Board this morning voted amendments to its corporate credit union rule that eliminates the controversial provisions limiting credit unions to one corporate and encouraging corporates to assess charges for the corporate bailout on privately insured credit unions and CUSOs.

ALEXANDRIA, Va. – NCUA said this morning that all corporate credit unions–including the three major failures seeking a rehabilitation–must give their members not wanting to participate in a recapitalization at least six months written notice before termination of their membership.

LOS ANGELES – Claiming that “hindsight is 20/20,” the former directors of WesCorp FCU asked a federal court yesterday to dismiss NCUA’s negligence suit against them over the failure of the one-time $34 billion corporate.

ALEXANDRIA, Va.-Although at press time the agency was not releasing details, NCUA Chairman Debbie Matz has indicated there will be "significant changes" in the corporate rule iunveiled at its April 21 open board meeting.

WALL STREET – NCUA plans to hit the Street again this week with another offering of NCUA Guaranteed Notes, this time of $1.165 billion backed by residential mortgage bonds held by the five failed corporate credit unions.