Credit unions

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.

ALEXANDRIA, Va.-NCUA last week released a report by its Office of Inspector General projecting final losses on the failure of WesCorp FCU of about $5 billion.

ALEXANDRIA, Va. – In searching for scapegoats for the huge failure of WesCorp FCU NCUA has focused increasing attention on the underwriters who sold the California corporate giant the toxic mortgage-backed securities that sunk it, especially the cozy relationship WesCorp had with now-defunct home loan giant Countrywide Financial Corp.–which was located just 50 miles down the road, in the city of Calabasas.

ALEXANDRIA, Va. – A new report on the failure of WesCorp FCU concludes the one-time $32 billion corporate had too much of its investments tied to a single real estate market–its home state of California–and one issuer, Countrywide Financial Corp., the California-based home loan giant that went down at the height of the mortgage bust.

BIRMINGHAM, Ala. – NCUA has agreed to release some 750,000 documents related to the failure of U.S. Central FCU in response to a suit brought by Corporate America CU.

WALLINGFORD, Conn. – NCUA plans to liquidate Constitution Corporate FCU, the fifth corporate failure, as part of its legacy assets program.

ALEXANDRIA, Va. – NCUA will release a report by its Office of Inspector General tomorrow projecting final losses on the failure of WesCorp FCU of about $5 billion.

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

ALEXANDRIA, Va. – NCUA agreed this morning in the face of industry pressure to extend its deadline for corporate business plans another 90 days, until March 31.

NCUA priced almost $5.4 billion of NCUA Guaranteed Bonds, by far the biggest of three offerings so far of the securities comprised of cash flows from failed corporate credit unions.

A dozen former executives and directors of WesCorp FCU being sued by NCUA over the failure of the one-time $34-billion corporate credit union could be left holding the bag for millions of dollars in legal fees under a clause in their Directors and Office liability insurance.