Credit unions

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.

WICHITA, Kansas-NCUA's proposed new rule for corporate credit unions will indirectly force consolidation among those corporates, according to the majority of comment letters sent to NCUA.

ALEXANDRIA, Va. – A growing number of credit unions are questioning NCUA’s supervision of failed corporate credit unions and whether the credit union regulator is up to overseeing the corporates going forward under a new system.

ALEXANDRIA, Va. – Credit union executives and volunteers overwhelmingly are urging NCUA that before undertaking a reform of the corporate system it move to insulate credit unions from the growing losses in the corporates, what one NCUA Board member referred to as the "800-pound gorilla."

LOS ANGELES – Seven credit unions are continuing to fight NCUA for the right to sue over the failure of WesCorp FCU but they now will do so in federal court, where a state judge agreed to NCUA’s request to transfer the suit.

ALEXANDRIA, Va. – Last week’s disclosure of the elimination of all capital at U.S. Central FCU means more losses are going to start trickling down to corporate credit unions and to their natural person credit union members in the coming days.

WASHINGTON-As the Federal Reserve looks for ways to pull liquidity out of the banking system, the board recently proposed a program to sell term deposits to financial institutions-a move that could add even more competition for beleaguered corporate credit unions.

MIDDLETOWN, Penn.-Members of Mid-Atlantic Corporate FCU here will have to make a long-term commitment to the institution or potentially face higher costs for products and services when its new structure goes into effect.

WARRENVILLE, Ill.-Corporate credit unions are lobbying NCUA mightily for their future, with one plan emerging that would combine all 27 corporates into a single entity serving the whole country.

ALEXANDRIA, Va. – NCUA is watching closely a pilot program by the FDIC to securitize assets from failed banks as a means of disposing billions of dollars in private label mortgage-backed securities held by corporate credit unions.

ALEXANDRIA, Va. – NCUA on Thursday said it has extended the expiration date of NCUA’s Temporary Corporate CU Share Guarantee Program, the emergency guarantee of all corporate deposits, from March 31, 2012, to June 30, 2012.