Credit unions

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.

WASHINGTON – President Obama signed a bill Tuesday that will create a congressional study of the affects of the corporate credit union meltdown and whether it will affect taxpayers.

LOS ANGELES — Parties involved in the lawsuit filed against the former board and management team of failed Wescorp are still sorting through their options following a tentative decision in the case.

BIRMINGHAM, Ala. — This year "weak" corporates will merge out and in 2012 those relying on providing pass-through services will fall by the wayside.

BISMARK, N.D. — Apparently unwilling to invest capital again within the corporate system, approximately 30 credit unions are choosing the "corporate credit union alternative."

BISMARCK, N.D. – Thirteen credit unions have selected ProDraft Services, Inc.’s correspondent services solution as an alternative to the corporate CU services.

BIRMINGHAM, Ala. – In 2011 “weak” corporates will merge out and in 2012 those relying on providing pass-through services will fall by the wayside.

MIDDLETOWN, Penn. & LYNCHBURG, Va. – The $3.2-billion Mid-Atlantic Corporate FCU and $1.2-billion VACORP FCU have announced plans to merge, with Mid-Atlantic Corporate to be the surviving charter.