Credit unions

WALL STREET – NCUA is expected to hit the Street Thursday with an offering of $1.5 billion of NCUA Guaranteed Notes being used to finance the corporate credit union bailout, the first offering in three weeks. This week’s offering, the tenth since October, makes a total of more than $25 billion of the notes sold, the proceeds of which are being used to pay off credit union depositors in the five failed corporates: U.S. Central FCU, WesCorp FCU, Members United Corporate FCU, Southwest Corporate FCU and Constitution Corporate FCU. NCUA plans to offer another $3 billion of the notes as part of the program. The notes are federally guaranteed and are backed by the cash flows on toxic mortgage-backed securities owned by the five corporate failures. The latest offering is backed by residential MBS. Barclays Capital is the lead underwriter of the offering.WALL STREET – NCUA is expected to hit the Street Thursday with an offering of $1.5 billion of NCUA Guaranteed Notes being used to finance the corporate credit union bailout, the first offering in three weeks.

ONTARIO, Calif.-The Western States Corporate Realignment Task Force said Western Bridge Corporate CU should move forward to apply for a new charter as a stand-alone corporate credit union.

ONTARIO, Calif. – The Western States Corporate Realignment Task Force, which includes credit union leaders from eight Western states, said Western Bridge Corporate FCU should move forward to raise new capital from members and apply for a new charter as a stand-alone corporate credit union, putting aside, at least temporarily, plans to combine with Members United Bridge Corporate FCU.

WASHINGTON – With the credit union movement showing little appetite to punish or banish executives responsible for the crash of the corporate system, there is a high likelihood that many of the same people involved in one or more corporate failures will have a prominent future in the future of the corporate network.

WASHINGTON-Credit union executives, mindful of the losses they realized on the collapse of the corporate credit union system, are slowly calculating whether to recapitalize the corporates.

WASHINGTON – Credit unions executives, mindful of the losses they realized on the collapse of the corporate credit union system, are slowly calculating whether to recapitalize the corporates.

WASHINGTON – Despite public announcements of three corporate credit union mergers, NCUA said yesterday it has yet to receive applications for any corporate combinations, with a March 31 deadline for every corporate to submit a business plan approaching.

ALEXANDRIA, Va. — NCUA has approved updates to its chartering rules for corporate CUs, the first time it has done so in 30 years.

ALBANY, N.Y. — A task force of New York credit unions that helped create Members United Corporate FCU has moved to revive the failed corporate credit union, currently in the semi-liquidated state under NCUA conservatorship.

TORRANCE, Calif.-If Western Bridge Corporate and Members United Bridge Corporate are to eventually merge, the biggest hurdle will be getting NCUA to approve the risk controls of the combined organizations.

NCUA's recent guidance on corporate restructuring has many CEOs contending the regulator has "pulled the rug out" from under them, reversing its original "hands-off" policy regarding reconstitution of the corporate network.

WALL STREET – NCUA plans to sell another $1.1 billion of NCUA Guaranteed Notes, making almost $23 billion raised from the sale of the bonds backed by failed corporate credit union assets.

TALLAHASSEE, Fla. – Those mailings deluging you soliciting more money are not another credit card solicitation, but are corporate credit unions asking you to commit more capital to them, even after some of them have erased all of your prior capital.

SAN DIMAS, Calif. – The member advisory committee for WesCorp Bridge Corporate FCU voted overwhelmingly to apply to NCUA to re-charter the one-time $34 billion corporate credit unions–a first step in what is expected to be the pursuit of a merger with Members United Corporate FCU. Both entities are being run under conservatorship by NCUA, which has stripped out all of their investments and is liquidating them as part of the corporate resolution. Earlier this week, credit unions in New York voted to pursue a re-chartering of Members United. The panel votes came a week after NCUA warned off the two failed corporates from hooking up before they shed their so-called bridge status and are re-chartered as proper corporates. It also came a day after NCUA issued new corporate chartering guidelines. The next step will be for the WesCorp Bridge Member Advisory Executive Committee to engage NCUA’s Office of Corporate CUs to gain support of the business plan to be submitted before March 31. John Updyke, chairman of the advisory committee and president of Honda FCU, said they will seek consent of the remaining WesCorp member credit unions before seeking final approval from NCUA.

GREENSBORO, N.C. – First Carolina Corporate CU on Thursday announced a recapitalization campaign under which the $2 billion corporate will seek to raise as much as $75 million in perpetual contributed capital.

ALBANY, N.Y. – A task force of New York credit unions, who helped create Members United Corporate FCU, moved today to revive the failed corporate credit union, currently in the semi-liquidated state under NCUA conservatorship. A report issued this afternoon by the New York CU League’s Corporate CU Services Task Force calls for the reconstitution and recapitalization of the one-time $13 billion corporate, which was seized by NCUA Sept. 24, along with two other corporate failures, Southwest Corporate FCU and Constitution Corporate FCU. Members United, which was subsequently combined with Constitution Corproate, is currently being operated by NCUA as a so-called bridge corporate, with the vast majority of its assets–its investment portfolio–being liquidated as part of NCUA corporate bailout. The New York task force of 27 credit union CEOs said the state’s credit union executives have acknowledged the losses at Members United, which erased some $725 million of credit union capital–“and are prepared to move forward.” The task force also noted that a number of the state’s largest credit unions have fled the corporate system and won’t be coming back. The task force also recommends that a reconstituted Members United pursue mergers with other corporates under a consolidation of the corporate system. New York credit unions helped create Members United with the 2006 merger of their own corporate, Empire Corporate FCU, into Mid-States Corporate FCU of Illinois, and the Empire Corporate CEO Joseph Herbst eventually ran Members United till its takeover by NCUA.ALBANY, N.Y. – A task force of New York credit unions, who helped create Members United Corporate FCU, moved today to revive the failed corporate credit union, currently in the semi-liquidated state under NCUA conservatorship.

WALL STREET – NCUA is preparing its latest offering of corporate bailout bonds, this one $840 million worth of so-called NCUA Guaranteed Notes backed by commercial mortgage-backed securities. The latest offering will have two tranches, one a fixed-rate deal and the other floating-rate. The latest offering brings to more than $21 billion worth sold by NCUA since October, with some $5 billion more planned. The bonds are federally guaranteed. Barclays Capital is the lead underwriter.WALL STREET – NCUA is preparing its latest offering of corporate bailout bonds, this one $840 million worth of so-called NCUA Guaranteed Notes backed by commercial mortgage-backed securities.

ALEXANDRIA, Va. – NCUA has rejected ongoing plans to combine two or more of the four failed corporate credit unions – surviving now as so-called bridge corporates – to create a single entity with a nationwide reach.