Credit unions

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.

ALEXANDRIA, Va. – NCUA’s newly passed corporate rules are expected to unleash a major restructuring of the corporate credit union network that will entail consolidation of the disparate group of 28 regional corporates. The question to be settled is: who will lead that effort?

ALEXANDRIA, Va. – It was no small irony that moments after voting to bar corporate credit unions from investing in risky investments known as collateralized debt obligations – CDOs for short – the NCUA Board gave its approval to a plan to shed as much as $50 billion in toxic mortgage-backed securities held by the corporate system by repackaging them for sale to the public as CDOs.

NEW YORK – Credit unions awoke Saturday morning to the types of negative headlines that have described failed brokerages and mega-banks the past two years.

ALEXANDRIA, Va. – NCUA, which a year ago had pegged the cost of the corporate credit union bailout at approximately $7 billion, last week said the projected cost to credit unions has escalated to as much as $16.1 billion.

NCUA said it took under conservatorship three more troubled corporate credit unions this afternoon as part of is effort to shed the corporate system of toxic assets.

The NCUA Board's new corporate credit union rules will bar corporates from investing in a variety of risky investments.

WALL STREET – NCUA is seeking bids on about $800 million of commercial mortgage-backed bonds collected from U.S. Central FCU and WesCorp FCU, the opening efforts on its bid to securitize as much as $50 billion in troubled mortgage securities held by the corporate credit unions.

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.