Credit unions

WARRENVILLE, Ill. – Members United Corporate FCU reported additional losses of $8 million this morning on its investments for July, erasing $3.4 million of operating net for the month and creating a $4.6 million loss for July. Year to date losses are $11.2 million.

LYNCHBURG, Va. – Virginia Corporate FCU is the latest corporate to transition services away from U.S. Central FCU as the future of the corporates’ corporate continues to be shrouded in uncertainty.

ALEXANDRIA, Va. – NCUA is not expected to delay a final vote on its corporate credit union regulation to implement provisions of the newly passed Wall Street reform bill, including the measures requiring certain credit ratings for corporate investments, and is still expected to vote the final rule next month.

LAS VEGAS-U.S. credit unions wrestling with the future structure of their corporate CUs might want to look north of the border for some examples to consider.

LAS VEGAS-This much is certain: Corporate credit unions will operate with a much-different business model in the near future.

WASHINGTON — The Association of Corporate Credit Unions had been without a leader for several months following Brad Miller's move earlier this year to head up Southeast Corporate FCU. But that's changed with the hiring of Larry Harmon, president of Qversal Financial Solutions, to take over as Interim Executive Director. Credit Union Journal spoke with the industry veteran about leading the trade group for corporate CUs during what will certainly be one of the greatest periods of re-structuring and change.

WALLINGFORD, Conn. – Troubled Constitution Corporate FCU on Friday reported another $1.2 million of losses for June, pushing its NCUA-subsidized prior undivided earnings deficit up to $24.5 million at mid-year.

ALEXANDRIA, Va.-Audited financials for NCUA's year-old Temporary Corporate CU Stabilization Fund shows the corporate bailout fund ended 2009 with liabilities of just under $7 billion, or almost $1 billion more than projected when the fund was created last year.

CHICAGO-During NAFCU's 43rd Annual Conference at Navy Pier, Credit Union Journal asked attendees for their stance on recapitalizing the corporates.

SAN DIMAS, Calif. – WesCorp FCU said it is partnering with Procura, LLC to offer credit unions a system to track and manage Health Savings Accounts.

DALLAS – Southwest Corporate FCU reported Friday additional losses on its investments will eat up more member capital for July.

TALLAHASSEE, Fla. – Southeast Corporate FCU here reported an other-than-temporary-impairment charge of nearly $800,000 last month but was able to cover the losses with retained earnings, the credit union announced.

ALEXANDRIA, Va. – Audited financials for NCUA’s year-old Temporary Corporate CU Stabilization Fund shows the corporate bailout fund ended 2009 with liabilities of just under $7 billion, or almost $1 billion more than projected when the fund was created last year.

LAS VEGAS-Moving forward, corporates will need to focus on two things: effectiveness and efficiency. That's the view of Brad Miller, CEO of Southeast Corporate FCU in Tallahassee, Fla., and the former president of the Association of Corporate CUs for the past four years.

WEST PALM BEACH, Fla.-Even asset managers who were predicting a decline in housing were stunned by the downturn that eventually ensnared corporate credit unions' balance sheets.

LOS ANGELES-A federal judge agreed to let NCUA assume the role of the plaintiff in a suit against directors and officers of WesCorp FCU, creating a strange case of the federal regulator as both plaintiff and defendant in the case.

CHICAGO – Credit union executives are strongly questioning whether they will reinvest in the corporate credit union system and many are exploring alternatives for investments, check processing and other services, as NCUA mulls over the fate of the corporates.

SALT LAKE CITY – A federal judge this week granted NCUA a requested 90-day stay in a suit filed over an alleged get-rich-quick real estate scheme financed by HeritageWest FCU, which was taken over and liquidated by NCUA in December.