Credit unions

ALEXANDRIA, Va. – In trying to revive the corporate credit union system, NCUA is struggling with a major legacy of the failures of the two biggest corporates, U.S. Central FCU and WesCorp FCU, and the question of how to keep the spreading failures from dissuading natural person credit unions from recapitalizing the system.

CHARLESTON, W.V. – West Virginia Corporate CU has called a special meeting of its members for Friday to discuss the proposed corporate credit union reforms and the affect on its members’ capital by the $245 million corporate’s losses in 2009 and 2008.

HARRISBURG, Penn. – Mid-Atlantic Corporate FCU, the conservatively-run institution that has become the nation’s fifth-largest corporate, reported another profitable year for 2009, albeit not as profitable as the year before.

NASHVILLE, Tenn. – Volunteer Corporate CU last week reported losses for 2009 grew to $19.4 million, from $6 million for 2008, mostly due to its exposure to U.S. Central FCU – but VolCorp, one of the few adequately capitalized corporates, does not expect the additional losses to cause it to deplete its members’ capital.

LYNCHBURG, Va. – Virginia Corporate FCU, one of a growing number of corporate credit unions where losses are eating into members’ capital, announced the departure of its president and CEO James Hansen, as of this Friday.

ALEXANDRIA, Va.-Corporate credit unions, especially the smaller corporates that have been largely unaffected by the huge losses on mortgage-backed securities sweeping through the system, are calling on NCUA to temper its proposed reforms, which they fear could make it more difficult for them to compete.

ORLANDO, Fla.-Corporate credit unions continued to hold securities showing unrealized losses of $17 billion at year-end 2009, which is down from the more than $25 billion in unrealized losses corporates held at the beginning of the year, but NCUA cautioned against reading too much into those numbers because growing amounts of losses are being realized.

WALLINGFORD, Conn.-Constitution Corporate FCU, which already had a $25-million deficit guarantee from NCUA, reported last week it lost $100.2 million in 2009, wiping out all of its members' capital.

WALLINGFORD, Conn. – Constitution Corporate FCU, which already had a $25-million deficit guarantee from NCUA, on Tuesday said it lost $100.2 million in 2009, wiping out all of its members' capital.

ORLANDO, Fla.-NCUA made clear at last week's town hall meeting that while it values the input it is receiving from natural-person credit unions, it continues to move forward with most aspects of overhaul of its corporate regulations (Part 704).

WALL STREET-Even after the elimination of all of their capital in U.S. Central FCU, new problems are emerging for corporate credit unions as they continue to watch their investments deteriorate.

COLUMBUS, Ohio-Corporate One FCU became the first corporate CU to report a loss for 2009, telling its members it lost another $3.5 million in December, bringing losses for the year to $42.3 million.

DALLAS-Southwest Corporate FCU on Friday reported a $103 million loss for December, creating a $226 million loss for 2009.

ORLANDO, Fla. – Corporate credit unions continued to hold securities showing unrealized losses of $17 billion at year-end 2009, which is down from the more than $25 billion in unrealized losses corporates held at the beginning of the year, but NCUA cautioned against reading too much into those numbers because growing amounts of losses are being realized.

ALEXANDRIA, Va. – Corporate credit unions, especially the smaller corporates who have been largely unaffected by the huge losses on mortgage-backed securities sweeping through the system, are calling on NCUA to temper its proposed reforms which they fear could make it more difficult for them to compete.

TALLAHASSEE, Fla. – Southeast Corporate FCU was the latest corporate credit union to report losses for 2009, telling members yesterday it ran $45.1 million in the red.

WALL STREET – Even after the elimination of all of their capital in U.S. Central FCU, new problems are emerging for corporate credit unions as they continue to watch their investments deteriorate.

DALLAS – Southwest Corporate FCU on Friday reported a $103 million loss for December, creating a $226 million loss for 2009.

COLUMBUS, Ohio – Corporate One FCU yesterday became the first corporate credit union to report a loss for 2009, telling its members it lost another $3.5 million in December, bringing losses for the year to $42.3 million.

ALEXANDRIA, Va. – NCUA’s reversal last year on accounting for the corporate bailout is causing havoc among credit unions as they report their fourth quarter financials and prepare their annual reports.