Credit unions

ATLANTA – NCUA Board Member Gigi Hyland is imploring credit unions to comment on several proposed amendments to its new corporate rule, which will be issued next month.

LOS ANGELES – Lawyers representing eight current CEOs of the nation’s biggest credit unions are currently negotiating with NCUA to settle claims related to their service on the board of WesCorp FCU that would allow them to continue operating their credit unions, according to sources involved in the talks.

WALL STREET – The Securities and Exchange Commission has cleared the sale of NCUA-backed bonds comprised of legacy assets from corporate credit unions, expected to take place as soon as tomorrow.

In a new assault on credit unions, community bankers called on Treasury Secretary Timothy Geithner last week to begin a review of the credit union tax exemption.

NCUA Chairman Debbie Matz told state regulators they should feel comfortable with a new investment option available to credit unions.

During the annual meetings of the CUNA Technology Council and OpSS Council we asked about the most recent corporate conservatorships and employee and member reactions.

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ALEXANDRIA, Va. – The ink was not even dry on a new corporate credit union rule when NCUA was planning amendments to the regulations that will severely limit the ability of corporates to earn income by limiting their investment powers.

WASHINGTON – The credit union lobby insisted yesterday that the government-backed resolution of the corporate credit union meltdown does not amount to a taxpayer bailout because it is ultimately being paid by rank-and-file credit union members.

WASHINGTON – In a new assault on credit unions, community bankers called on Treasury Secretary Timothy Geithner this morning to begin a review of the credit union tax exemption in light of the government-assisted rescue of the corporate system.

ONTARIO Calif. – The Corporate Realignment Task Force recently formed here in the wake of NCUA's revised corporate plan said it has arrived at several guiding principles as it begins its work: the need for a system solution; the need for aggregation; and the need for a universal solution.

ALEXANDRIA, Va. – NCUA said this morning it has granted charters to two new bridge corporate credit union that will assume the operations of U.S. Central FCU and WesCorp FCU, the two biggest corporate failures.

NEW YORK-It was a headline that many credit union executives everywhere cringe: "Credit Unions Bailed Out." But it doesn't appear to have had much effect on members, at least not yet.

LAKE BLUFF, Ill.-The economist who accurately predicted the cost of the corporate rescue continues to believe NCUA's corporate assessment plan will not work, and that the corporate credit union system will not be around in the next three to five years.

ALEXANDRIA, Va.-More than 2,800 people logged into NCUA's Virtual Town Hall Meeting. Here are some of the points made during the Q&A session after the hour-long presentation.

ALEXANDRIA, Va.-NCUA, which a year ago had pegged the cost of the corporate CU bailout at around $7 billion, said the projected cost to credit unions has escalated to as much as $16.1 billion.

ONTARIO, Calif.-Representatives from several credit unions in the western states and in New York announced the formation of Corporate Realignment Task Forces, which they said will devise a cost-effective, cooperative structure to provide CUs with essential services that historically have been provided by corporate credit unions.

ALEXANDRIA, Va.-NCUA has scheduled a series of 11 Town Hall meetings across the country in October in order to discuss the new rules relating to corporate credit union operations and corporate legacy asset resolution.