Credit unions

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.

WOBURN, Mass. – EasCorp FCU yesterday announced its Vertifi Software CUSO signed seven additional credit unions for its recently introduced DeposZip remote deposit capture system.

WALLINGFORD, Conn. – Constitution Corporate FCU reported it still had negative net worth at the end of the first quarter, even as its earnings are trending positive.

ALEXANDRIA, Va.-The NCUA Board voted this morning to extend an emergency order essentially allowing corporate credit unions to ignore the agency's minimum capital standards until the end of 2011.

LENEXA, Kan. – U.S. Central FCU this afternoon reported increasing losses on its investments in the first quarter, resulting in a $45.4 million loss for the period.

ALEXANDRIA, Va. — The NCUA Board voted this morning to extend an emergency order essentially allowing corporate credit unions to ignore the agency's minimum capital standards until the end of 2011.

WARRENVILLE, Ill. – Members United Corporate FCU yesterday became the latest corporate credit union to project bigger losses on its investments due to difficulties at its major bond insurer, Ambac Assurance Corp.

WASHINGTON – CUNA said it has depleted all $941,000 of membership capital shares in U.S. Central FCU, where it held two of the troubled corporate credit union’s seven board seats.

WASHINGTON-CUNA is assembling a task force to ensure the continuity of services being delivered by corporate CUs is not interrupted by future changes corporates may undergo.

ALEXANDRIA, Va. – The NCUA Board is expected next week to extend the extraordinary regulatory forbearance that has allowed corporate credit unions to operate using their capital levels of November 2008, even though all but a handful of corporates are well below minimum capital requirements and some are operating with no regulatory capital.

SAN DIMAS, Calif. – WesCorp FCU on Thursday reported further deterioration in its collateralized debt obligations and subprime paper added another $49.4 million in losses for the month of March.