Credit unions

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.

DALLAS – Heavy investment losses and exposure to losses at U.S. Central FCU is forcing Southwest Corporate FCU to deplete approximately 40% of its member capital shares according to the 2008 audited financial statement the $9 billion corporate credit union released Friday.

WARRENVILLE, Ill. — Members United Corporate FCU depleted all of its member paid-in capital and more than 40% of its membership shares to eliminate its deficit according to recently released financial statements.

WALLINGFORD, Conn. — Steep losses last year, which have continued through 2009, have caused the independent auditor for Constitution Corporate FCU to question the ongoing viability of the $1.3-billion corporate credit union.

WALL STREET – NCUA completed a $4 billion public offering Wednesday of medium-term notes on behalf of U.S. Central FCU. The funds will be used to enhance liquidity for the troubled corporate credit union, which has been operated by NCUA under conservatorship since March 20, according to NCUA.

DES MOINES, Iowa — The Iowa CU League, planning for the expected consolidation of the corporate credit union system, has applied to federal banking regulators to acquire an Arizona-based bank that would provide its credit unions with access to the Federal Reserve's payment system and provide other powers.

WALLINGFORD, Conn.– Steep losses last year, which have continued through 2009, have caused the independent auditor for Constitution Corporate FCU to question the ongoing viability of the $1.3 billion corporate credit union.

zzzzz

DES MOINES, Iowa – The Iowa CU League, planning for the expected consolidation of the corporate credit union system, has applied to federal banking regulators to acquire an Arizona-based bank that would provide its credit unions with access to the Federal Reserve’s payment system and provide other powers.

LENEXA, Kansas — Reaction to James Nance's removal from the head of US Central and the installment of Francois Henriquez as interim CEO has been muted in the corporate CU community.