Credit unions

TALLAHASSEE, Fla. – Southeast Corporate FCU, after digesting last week’s third quarter report from U.S. Central FCU, told its 430 members it will deplete all of their paid-in-capital, a total of $20.2 million, and 0.5% of membership capital shares, or $4.5 million.

ALEXANDRIA, Va. – Corporate credit union representatives will meet with NCUA tomorrow in hopes of convincing the regulator to allow them to recapture as capital projected losses being accounted for now that do not materialize.

Credit Union Journal examines the varying viewpoints on what should be done to fix the corporates and lays out the framework NCUA has established.

ALEXANDRIA, Va. — Capital levels and institutional transparency will be two of the biggest pillars in the new regulations from NCUA governing the corporate credit union system.

ALEXANDRIA, Va. — With two corporates in conservatorship and others posting red numbers from investments in mortgage-backed securities, it should come as no surprise that among NCUA's chief priorities in crafting its new corporate regulations is reducing investment risk.

ALEXANDRIA, Va. — As NCUA prepares to release new regulations governing corporate credit unions later this month, the cooperative movement as a whole found broad consensus on investment and capital requirements while still somewhat divided on the system's structure.

PLANO, Texas — Southwest Corporate FCU has released a new white paper examining the impact of Check 21 on the financial industry in the five years since its adoption.

ALEXANDRIA, Va. — NCUA is saying it will not dictate the size of the corporate system when it releases its new rule, and will instead focus on capital requirements, investment risk and transparency.

SAN DIMAS, Calif. – WesCorp FCU, the troubled corporate credit union giant taken over by NCUA earlier this year, reported another $349.2 million in losses on Friday for the month of September.

LENEXA, Kan. – U.S. Central FCU on Friday reported additional losses of $308.5 million for the third quarter, wiping out another$320.1 million in member capital, which will trickle down to natural person credit unions in the coming weeks and months.

MILWAUKEE — New legal battles emerged last week among corporate credit unions, with troubled U.S. Central FCU one of the primary targets.

COLUMBUS, Ohio — Just days before NCUA forecast even more losses and charges to replenish the National CU Share Insurance Fund, two corporates posted third quarter financial results.

ALEXANDRIA, Va. ¨C NCUA said yesterday it won¡¯t be selling troubled mortgage-backed securities held by U.S. Central FCU and WesCorp FCU into the Treasury¡¯s toxic asset program because it would require those corporates to realize billions of dollars of losses on the MBS.

BAKERSFIELD, Calif. – Chevron Valley CU said yesterday it signed with U.S. Central FCU’s Corporate Network eCom to provide it with mobile banking and payments services through eCom’s recently released MobileMember solution.

COLUMBUS, Ohio – Corporate One FCU said yesterday despite losses accrued on its U.S. Central FCU capital and mortgage-backed investments it will not have to deplete any of its paid-in capital or member capital shares.

MILWAUKEE – In a move that could help strengthen a handful of corporate credit unions, Corporate Central CU filed suit Friday against U.S. Central FCU claiming the troubled central bank for credit unions owes it more than $6 million and may owe corporates as much as $100 million in so-called excess investments it routinely returned to members until its financial problems accelerated last December.

ALEXANDRIA, Va. – NCUA last week called corporate credit unions representatives to a meeting at its headquarters to discuss the continuing diminishment of capital in the corporate network.