Credit unions

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.

WASHINGTON-Too few credit union executives know what is in NCUA's proposed corporate CU rule changes, so Department of Commerce FCU CEO Evan Clark is trying to start the conversation.

COLUMBUS, Ohio-Corporate One is reporting a loss at Nov. 30 of $40.8 million, compared to net income of $19.7 million for the same period in 2008.

GLENDALE, Calif.–A group of credit unions that filed a lawsuit against Western Corporate FCU are suggesting NCUA’s request that it instead be named lead plaintiff proves their case has merit, but several of the CUs involved claim NCUA has not shown it can adequately represent the interests of CUs when it comes to WesCorp.

ALEXANDRIA, Va.–NCUA, acting as Conservator of Western Corporate Federal Credit Union (WesCorp), filed papers in Superior Court in Los Angeles Dec. 30 to intervene as plaintiff in a lawsuit against several current and former employees and officials of WesCorp.The agency is maintaining that it is the proper plaintiff and should be permitted to replace the current plaintiffs and determine whether and how to proceed with any action against WesCorp’s former Board members and employees.

WASHINGTON–The Federal Reserve Board yesterday proposed amendments to Regulation D (Reserve Requirements of Depository Institutions) that would enable the establishment of a term deposit facility–a move that could impact the corporate credit union system, according to one source.

WASHINGTON-After completing its work in September, the joint CUNA/NAFCU Corporate Credit Union Task Force is likely dissolved for good.

TALLAHASSEE, Fla. – Southeast Corporate FCU, one of several struggling corporate credit unions announced more lay-offs this week, making a total of 28 staff reductions for the year.