Credit unions

ALEXANDRIA, Va. – A proposal by NCUA to restrict credit unions to membership in a single corporate could be prove to be anti-competitive and drive credit unions outside the corporate system for vital services, credit unions are telling NCUA.

TALLAHASSEE, Fla. – Southeast Corporate FCU, one of the largest surviving corporates, on Thursday announced it plans to raise $80 million in new capital and shrink its balance sheet by $1 billion as part of a recapitalization to meet NCUA’s new minimum capital standards.

WALL STREET – NCUA plans to sell as much as $1.2 billion of its corporate bailout bonds later this week backed by student loan assets owned by the failed corporate credit unions.

SACRAMENTO, Calif.-Credit union CEOs continue to react to NCUA's proposal that natural-person CUs be limited to membership in a single corporate, and that membership fees be charged, with most noting there are numerous related issues involved.

CINCINNATI-NCUA's proposal to assess privately insured credit unions for a portion of the costs in preserving the corporate credit union system has generated mixed reaction.

PLANO, Texas-In the first of what is expected to be numerous mergers among surviving corporate credit unions, the advisory council of Southwest Bridge Corporate approved a plan to merge the corporate shell and its national field of membership into Georgia Corporate FCU, known until a charter change last month as Georgia Central CU.

LOS ANGELES – In a pleading that could have broad ramifications for officers and directors of failed corporate credit unions, 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 by pursuing ever increasing profits for the failed one-time $34 billion corporate.

WASHINGTON – Previously secret documents released by the Federal Reserve yesterday show that U.S. Central was a major beneficiary of the Central Bank’s emergency Term Auction Facility beginning in August 2008, just as the corporate credit union giant was teetering.

WALL STREET – NCUA is expected to launch a fourth offering of guaranteed corporate notes this morning, this time of $3.5 billion worth.

WASHINGTON – The Senate Banking Committee, reflecting heightened congressional interest in the corporate credit union bailout, has set an unusual oversight hearing focusing solely on NCUA for next week.

PLANO, Texas – In the first of what is expected to be numerous mergers among surviving corporate credit unions, the advisory council of Southwest Bridge Corporate approved a plan yesterday to merge the corporate shell and its national field of membership into Georgia Corporate FCU, known until a charter change last month as Georgia Central CU.

WALL STREET – NCUA plans to sell another $3.5 billion of corporate credit union bailout bonds later this week, making a total of $16.5 billion to be sold over the past month.

COLUMBUS, Ohio-The Ambac bankruptcy filing will have little bearing on claims paid to corporates for losses insured by Ambac Assurance Corp., according to the head of Corporate One FCU.

NEW YORK-Ongoing concerns over the corporates' ability to continue to provide check processing services has prompted one CU to bring check-clearing in-house.

WEST PALM BEACH, Fla.-Credit unions are looking askance at NCUA's proposed amendment to its corporate rule that would restrict natural person credit unions (NPCU) from belonging to more than one corporate credit union at a time, although some CEOs support the concept.

BIRMINGHAM, Ala. – Corporate America Credit Union here has been selected by NCUA to purchase-and-assume Smart Source Solutions, a wholly-owned CUSO of Constitution Corporate FCU in Connecticut, which was placed into conservatorship by the agency on Sept. 24.

ALEXANDRIA, Va. – NCUA said it is transferring the operations of Constitution State Corporate Credit Union to Members United Bridge Corporate FCU in Warrenville, Illinois.

WALLINGFORD, Conn. – NCUA announced this afternoon it has transferred SmartSource Solutions LLC to Alabama’s Corporate America CU, part of the liquidation of Constitution Corporate FCU.

BIRMINGHAM, Ala.-NCUA finally released to Corporate America CU records related to the failure of U.S. Central FCU

ANAHEIM, Calif.-The search for an "enduring system solution" to the future of corporate credit unions remains ongoing, with some clarity only now beginning to take shape, according to numerous sources interviewed by Credit Union Journal during the California/Nevada leagues' annual meeting last week.