Credit unions

GREENSBORO, N.C.-In the near future corporate credit unions will revert to their "core purpose," believes David Brehmer, president of First Carolina Corporate CU.

ALEXANDRIA-In what proved to be a rare moment of levity during the webinar, one participant asked why NCUA didn't just make the conserved corporates convert to banks, to which NCUA Chairman Debbie Matz laughingly replied, "The FDIC is not stupid, they wouldn't take them."

OVERLAND PARK, Kan.-With so many things in the financial services world crashing down around credit unions, it was easy to miss the two big game changers that would have remodeled corporates regardless of the new corporate rule out of NCUA.

ALEXANDRIA-Although the corporate plan does offer the opportunity for credit unions to file legal claims-and, indeed NCUA is already sending out claims receipts-the agency's Scott Hunt repeatedly noted that it is "extremely unlikely" there will be anything left to make good on those claims.

STOCKTON, Calif. – Waiting for NCUA to issue its final Corporate System Resolution has been a “barrier” to natural-person CUs going forward, according to a member of CUNA’s Corporate Credit Union Next Steps Working Group, who said he was glad the regulator has laid out what its plans and proposals are.

RANCHO CUCAMONGA, Calif. – As the next few years unfold and NCUA pursues its plan to create “bridge” corporates as a means of executing its vision for the role the agency sees corporates eventually playing, CO-OP Financial Services said it will be seeking to play a role.

PHOENIX – Leaders at corporate credit unions were still digesting mountains of information received from NCUA Friday and Monday, but three expressed optimism as to their own viability.

That’s the consensus of two members of CUNA’s Corporate Credit Union Next Steps Working Group, who both agreed that what NCUA unveiled Friday was closely in line with the team’s expectations.

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.

WASHINGTON – In its analysis of NCUA’s new rules for corporates, CUNA said it is most concerned with the costs of dealing with so-called “legacy assets” and the resulting impact on credit unions, according to Mary Dunn, head of regulatory compliance.

GREENSBORO, N.C. – The CEOs of a number of corporate credit unions said they believe the requirements and deadlines NCUA has set in its new corporate plan will be achievable.

ALEXANDRIA, Va. – More than 2,800 people logged in to yesterday’s NCUA Virtual Town Hall Meeting, looking for answers to what the future holds now that five corporate credit unions have been conserved and a final rule on corporates has been issued.

ALEXANDRIA, Va. – During NCUA’s virtual town hall meeting Monday, the agency outlined the “good bank/bad bank” model under which four of the five conserved corporates will be transitioned to “bridge corporates.”

BIRMINGHAM, Ala.-A federal appeals court has upheld the right of Corporate America CU to sue RubinBrown, LLP over a valuation the St. Louis firm provided U.S. Central FCU in the conversion of $450-million of member capital in the fall of 2008 just weeks before all of the capital was wiped out by massive losses at U.S. Central.

WASHINGTON-CUNA's Corporate Credit Union Next Steps Working Group has issued a final report. The report notes that whether today's corporate CU network can evolve to be the best provider of financial services to credit unions hinges on its ability to make the "deep and far-reaching changes."

ONTARIO, Calif. – Representatives from several credit unions in the western states on Friday announced the formation of a Corporate Realignment Task Force, 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.

WASHINGTON – Immediately after NCUA unveiled its proposed new rules for corporates, both CU trade associations saw a few streaks of silver lining in the plan.

BIRMINGHAM, Ala. – Actions taken Friday by NCUA to conserve three more corporates and announce the new corporate credit union rule were “well thought out, bold” and what needed to be done to further protect natural-person CUs and their members, Thomas Bonds told Credit Union Journal.

ALEXANDRIA, Va. – The NCUA Board approved reforms to its corporate credit union rules on Friday that will severely restrict the powers of the corporates, making them little more than pass-throughs for investment services.