Credit unions

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.

BIRMINGHAM, Ala. – Lawyers for former executives and directors of U.S. Central FCU are seeking to shield their clients from the potential for million dollar judgments, telling the federal judge here that since the one-time $52 billion corporate was taken over by NCUA only NCUA has the legal authority to file suit against them.

ALEXANDRIA, Va. – Expenses accrued by natural person credit unions to pay for the meltdown of the corporate network are continuing to flood the movement in red ink, pushing thousands of otherwise profitable credit unions into the loss column again for 2009, according to fourth quarter financial performance reports being filed with NCUA this week.

TALLAHASSEE, Fla. – Southeast Corporate FCU announced today it has hired Brad Miller, the head of the Washington-based corporate credit union lobby group the Association of Corporate CUs, as its new president and CEO.

ALEXANDRIA, Va. – Thousands of credit unions are expected to report losses for last year in the coming days, the fallout from the continuing recession and from the deterioration of the corporate credit union network.

MILWAUKEE – In a move that could prevent corporate credit unions from suing to recover losses from U.S. Central FCU and WesCorp FCU, NCUA asked a federal court here to dismiss a suit brought by Corporate Central CU asking for reinstatement of regular distribution of funds under U.S. Central bylaws.

ALEXANDRIA, Va. – Early commenters on NCUA’s proposed corporate credit union rule are questioning the viability of the corporate network itself, which has reported billions of dollars of loses over the past two years.

GLENDALE, Calif.-NCUA's request to be named the plaintiff in a lawsuit against Western Corporate FCU's former board and a number of current and former employees is all the more reason to believe the case filed by seven natural person CUs is a strong one, one CU plaintiff suggested.