Credit unions

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.

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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.

LENEXA, Kan. – NCUA this afternoon decided to replace James Nance, the former U.S. Central FCU executive brought in to run the one-time $52 billion corporate credit union under conservatorship, and replace him with Francois Henriquez, the corporate’s long-time general counsel.

LENEXA, Kan. – NCUA this afternoon decided to replace James Nance, the former U.S. Central FCU executive brought in to run the one-time $52 billion corporate credit union under conservatorship, and replace him with Francois Henriquez, the corporate’s long-time general counsel.

ALEXANDRIA, Va. — The NCUA Board last week voted to assess credit unions a $1.06 billion premium to pay for growing losses in the corporate credit union network and among natural person credit unions.

ALEXANDRIA, Va. – NCUA warned corporate credit unions to expect additional impairment of their capital based on the losses for 2008 reported by U.S. Central FCU last Friday.

LENEXA , Kan. – NCUA yesterday that restated financials for U.S. Central FCU for the first six months of 2009, show that unrealized losses on the corporate credit union’s investments grew to $11 billion at mid-year, from $8.5 billion at year-end 2008.

COLUMBUS, Ohio – Corporate One FCU, one of a handful of corporate credit unions struggling under the weight of large mortgage-backed securities holdings, said yesterday its expects to record additional losses on its MBSs due to the continued deterioration of the U.S. housing and mortgage and the global credit markets.

LENEXA, Kan. – NCUA was insisting yesterday that U.S. Central FCU remains a "viable" credit union even as some industry experts were calling for the liquidation of the one-time $52 million institution, being run under federal conservatorship since March 20.

ALEXANDRIA, Va. – Credit union representatives, not NCUA, will decide the number of corporate credit unions that will survive the expected consolidation of the corporate system, according to NCUA.