Credit unions

TALLAHASEE, Fla.-Corporates will need to rely on one another if they are to survive in a new environment.

TALLAHASSEE, Fla.-Running a corporate credit union is a thankless job these days, but Brad Miller is embracing his new role as the head of Southeast Corporate FCU here.

COLUMBUS, Ohio-Corporates must to go back to the basics and learn how to be both efficient and competitive if they are to survive, as the drive towards greater operational efficiency will be the "transforming factor" for corportes' future, according to Lee Butke, CEO of Corporate One FCU here.

TOPKEA, Kan.-The proposed rule to reform the corporate system is a bit too one-size-fits-all for some state supervisors.

GREENSBORO, N.C.-Though most of the discussion on the future of the corporate credit union system has revolved around troubled large institutions and "pass throughs," medium-sized corporates could provide a strong business model going forward.

ATLANTA-Dual chartering must be preserved to prevent the homogenization of corporate credit unions one state regulator says, and the current language in NCUA's proposed rule could jeopardize the system, one regulator is stressing.

TOPKEA, Kan.-The proposed rule to reform the corporate system is a bit too one-size-fits-all for some state supervisors.

WEST PALM BEACH, Fla.-Pending regulations and a new economic environment will force many corporate credit unions to change their business models. With so-called "legacy assets" still clogging the ledgers of many institutions, the future of the corporate credit unions is still uncertain.

GLEN ROCK, N.J. – With the corporate credit union system still in flux, a number of providers are stressing they offer alternative solutions for share draft processing. Among them is Financial Services, Inc., here, which also provides core processing systems, Internet banking and other services.

VANCOUVER, B.C., Canada-Central 1 CU, which is similar to a U.S. corporate and which serves all of British Columbia and most of Ontario, reported a net income of (C) $99.9 million in 2009, a 275% increase from the previous year when it reported $26.6 million.

JEFFERSON CITY, Mo.-NCUA will reveal its proposal for dealing with corporate credit unions' "legacy assets" by June 30, according to Chairman Debbie Matz.

WARRENVILLE, Ill. – Members United Corporate FCU on Thursday warned its members of more losses coming, which will further erode dwindling capital.

ALEXANDRIA, Va. – In a ruling that will have far reaching implications, NCUA said that membership capital shares on deposit with a corporate credit union are available to cover the growing losses at corporates, even during the three-year notice period for withdrawal of the capital.

ALEXANDRIA, Va. – Growing mortgage foreclosures and unemployment has NCUA expecting losses at corporate credit unions to be higher than the $6 billion originally projected.

METAIRIE, La. – Louisiana Corporate CU yesterday became the latest corporate credit union to report a loss for 2009 – of $7.4 million – due to the loss of its capital in U.S. Central FCU.

ALEXANDRIA, Va. – NCUA said it paid the U.S. Treasury $210 million last month as the first installment on a $1 billion NCUA capital note lent to U.S. Central FCU a year ago to help stabilize the central bank for credit unions.

WARRENVILLE, Ill. – Members United Corporate FCU, one of a handful of corporates weighed down by large mortgage-backed securities losses, said yesterday it has agreed to sell its Share System CUSO to CO-OP Financial Services.