Credit unions

MIDDLETOWN, Penn. – Even as it has received hundreds of commitments from members and stockpiled $117 million in new capital, Mid-Atlantic Corporate FCU announced Friday that it will reduce its full-time workforce by 16%.

LOS ANGELES – In what could mark the beginning of a major bloodletting in the credit union movement, NCUA is scheduled to face off in federal court here next week with seven credit unions over tens of millions of dollars of potential insurance claims against the officers and directors of WesCorp FCU.

DALLAS – Southwest Corporate FCU reported new investment losses of $31.6 million for April, creating a loss of $20.9 million for the first five months of the year and forcing it to deplete more member capital shares.

RIVERSIDE, Calif. – A group of WesCorp FCU members suing the failed credit union over their loss of capital have asked a federal court to reject a bid by NCUA to take over their role in the case, charging the federal regulator has dragged its feet and shown itself to be incapable of pursuing their claims because of its own culpability in the failure of the one-time $34 billion corporate credit union.

ALEXANDRIA, Va. – Hundreds of credit unions are expected to be driven into the red and dozens will be forced into a net worth restoration plan as a result of the $1 billion corporate credit union stabilization charge assessed by NCUA last week.

ALEXANDRIA, Va.-The NCUA Board approved a $1-billion charge to pay for the corporate credit union bailout, while also disclosing that losses accrued by the National CU Shares Insurance Fund have reached almost $1.1 billion for 2010, presaging another big assessment later this year.

ALEXANDRIA, Va. – NCUA plans to borrow as much as $800 million at preferable rates from the U.S. Treasury, which it will infuse into the corporate credit unions as capital in the system continues to dwindle to dangerous levels.

ALEXANDRIA, Va. – The NCUA Board is expected at next week’s meeting to approve an assessment that could be as much as $400 million for the second round of the Corporate CU Stabilization Fund.

ALEXANDRIA, Va. – NCUA yesterday extended the corporate credit union share guarantee, which has been critical in stemming a run on corporate deposits for another three months, until Sept. 30, 2012.

DALLAS – Southwest Corporate FCU on Friday reported that growing losses on its private label mortgage-backed securities created a $30 million loss in April, leaving it with a $23.1 million loss for 2010.

SAN DIMAS, Calif. – WesCorp FCU yesterday said it signed with Rosetta Technologies to provide the company’s IRD Express Pack for its member credit unions using WesCorp’s IRD Now – Electronic Check Image Return Solution.

WARRENVILLE, Ill. – Members United Corporate FCU yesterday reported it lost another $19.1 million in April due to write-offs on its investments and has depleted almost all of its remaining member capital.

WARRENVILLE, Ill.-Losses for corporate credit unions continue to pile up at an accelerated pace, raising doubts about some corporates' ability to continue as "going concerns" and new questions about whether NCUA will be forced to go back to Congress and seek additional assistance for the corporate bailout.

ALEXANDRIA, Va. – NCUA yesterday agreed to extend an emergency program that is guaranteeing more $10 billion of debt issued by corporate credit unions to September 2012.

WARRENVILLE, Ill. – Losses for corporate credit unions continue to pile up at an accelerated pace, raising doubts about some corporates’ ability to continue as “going concerns” and new questions about whether NCUA will be forced to go back to Congress and seek additional assistance for the corporate bailout.

WARRENVILLE, Ill. – Members United Corporate FCU reported an additional $138 million in losses on its investments, depleting almost all of its remaining member capital.

CINCINNATI-The NCUA assessment later this year to replenish the NCUSIF due to ongoing costs related to corporate credit unions and CU failures should land at about 40 basis points this year, according to Lee Butke.