Credit unions

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.

WASHINGTON-When Evan Clark began Tweeting about NCUA's proposed corporate rule in January, he quickly learned that not many CEOs use Twitter, and that many are tiring of the entire corporate mess.

ALEXANDRIA, Va.-NCUA said last week that its corporate credit union resuscitation plan will require the surviving corporates to hold pledged capital in escrow accounts for the short-term so that all capital may be refunded to members if their corporate does not achieve the agency's new minimum capital standards by Oct. 2011.

ALEXANDRIA, Va. – Privately insured credit unions are threatening NCUA’s efforts to spread the costs of the corporate credit union bailout to non-federally insured members of the corporates, with one executive likening the NCUA proposal to extortion.

WASHINGTON – The Senate last night passed a bill directing the Government Accountability Office to conduct a comprehensive study of NCUA’s handling of the corporate credit union meltdown, as well as the agency’s handling of the growing losses among big credit union failures.

ALEXANDRIA, Va. – CUSOs are asking NCUA to reconsider a proposed amendment to its new corporate credit union rule that would require CUSO members of corporates to pay into the corporate bailout.

ALEXANDRIA, Va. – NCUA said this afternoon that its corporate credit union resuscitation plan will require the surviving corporates to hold pledged capital in escrow accounts for the short-term so that all capital may be refunded to members if their corporate does not achieve the agency’s new minimum capital standards by Oct. 2011.

WALL STREET – NCUA said yesterday that last Friday’s sale of $1.16 billion of NCUA Guaranteed Notes makes a total of $17.8 billion the agency has raised from investors to help finance the industry’s corporate bailout.

WASHINGTON-NCUA called on Congress last week for extraordinary new powers that would extend the statute of limitations on charging officers and directors of failed credit unions to as long as 10 years, which would help the National CU Share Insurance Fund recover for losses paid out in those cases.

NCUA told a federal court here that directors and officers of WesCorp FCU abandoned their roles as fiduciaries of a not-for-profit credit union.

WALL STREET – NCUA quickly sold $1.16 billion Friday of its NCUA Guaranteed Notes supported by student loan receivables owned by the five failed corporate credit unions, representing a departure from the five previous offerings that were backed by residential or commercial mortgages.