Credit unions

WASHINGTON — Two credit union trade associations last week called for "significant changes" to NCUA's proposed rules on corporate credit unions.

ALEXANDRIA, Va. – NCUA is expected as soon as today to announced civil charges against third-party entities involved in the failure of WesCorp FCU, expanding the agency’s efforts to recover some of the $7 billion of losses estimated from the failure of the one-time $34 billion corporate.

WASHINGTON – The congressional fog over potential failures of Wall Street giants in the spring of 2009 allowed credit union backers in Congress to quickly pass corporate credit union legislation with no one knowing the full extent of the problems at the corporates, according to the chief sponsor of the bill, longtime credit union champion former Congressman Paul Kanjorski.

Corporate America CU last Friday subpoenaed the records of the corporate credit unions run by the ousted directors of U.S. Central FCU as part of its suit challenging the ill-fated $450 million capital offering by U.S. Central in December of 2008 that was wiped out by losses only weeks later.

WALL STREET – NCUA sold another $1.5 billion of its NCUA Guaranteed Notes yesterday, making a total of $19 billion of corporate bonds sold so far.

IRONDALE, Ala. – Members of Louisiana Corporate CU would not be required to acquire new capital after their corporate is merged into Corporate America CU, under preliminary plans for a merger of the two corporates.

ALEXANDRIA, Va. – NAFCU on Wednesday called on NCUA to step up its efforts to seek recoveries from third parties responsible for the massive losses experienced by corporate credit unions.

BIRMINGHAM, Ala. – Corporate America CU last Friday subpoenaed the records of the corporate credit unions run by the ousted directors of U.S. Central FCU as part of its suit challenging the ill-fated $450 million capital offering by U.S. Central in December of 2008 that was wiped out by losses only weeks later.

WALL STREET – NCUA plans to sell another $1.5 billion of corporate bonds later this week, resuming its efforts to raise funds to finance the corporate credit union bailout.

ALEXANDRIA, Va. – NCUA’s proposal to spread the growing costs of the corporate credit union restructuring to privately insured credit unions, CUSOs and league members of corporates is creating a firestorm, with some promising a legal challenge if the measure is enacted.

WASHINGTON — Is it possible NCUA's actions related to corporates, including its new corporate rule, have actually caused more harm than good? One influential analyst thinks so and believes the time has come for the agency to face some reform of its own.

LOS ANGELES — NCUA told a federal court last week that it will add new charges against directors and officers of WesCorp FCU, even as its efforts to hold leaders of the corporate credit union accountable for the failure of the $34 billion corporate may be slipping away.

PLANO, Texas – More than 1,000 credit union members of Southwest Corporate FCU, now Southwest Corporate Bridge, next week will begin voting at a special meeting on the proposed merger of the remnants of the failed corporate into Georgia Corporate FCU.

LOS ANGELES – NCUA told the federal court yesterday it will add new charges against directors and officers of WesCorp FCU, even as its efforts to hold leaders of the corporate credit union accountable for the failure of the $34 billion corporate may be slipping away.

NEW YORK – A New York appeals court dismissed a lawsuit against MBIA yesterday, potentially clearing a reorganization of the bond insurer that could cost big banks and corporate credit unions billions of dollars on their insured mortgage securities.

WALL STREET – Fitch Ratings on Monday affirmed its top A+ long-term issuer default rating of Mid-Atlantic Corporate FCU, even as the Pennsylvania-based corporate prepares to dilute its capital through a merger with thinly capitalized Virginia Corporate FCU.

WALL STREET – NCUA is expected to hit the Street this week with another multi-billion dollar offering of its corporate bonds.