Credit unions

CHICAGO – Corporate credit unions began discounting hundreds of millions of dollars of their membership capital Friday afternoon, hours after U.S. Central FCU announced a staggering $1.1 billion loss for the first six months of the year.

LENEXA Kan. – U.S. Central FCU today reported a $470.5 million loss for the second quarter, pushing first half losses to $1.1 billion.

LENEXA Kan. – U.S. Central FCU today reported a $470.5 million loss for the second quarter, pushing first half losses to $1.1 billion.

PROCTOR, W.V. — Before Bob Burrow was elected to the board of Corporate One FCU in April, he had reservations about taking on the risk of overseeing a corporate credit union with all the problems the system has been experiencing.

NATIONAL HARBOR, Md. — Credit union executives are doubtful the $6-billion tab they will be paying for the corporate bailout over the next seven years will be enough to resolve the corporate meltdown and most are expecting additional charges.

SAN DIMAS, Calif. – Corporate credit unions yesterday reported soaring losses on their troubled mortgage securities, which will lead to additional charges at natural person credit unions over the coming weeks and months.

SAN DIMAS, Calif. – WesCorp FCU this afternoon reported a massive $538 million loss for the month of June, due to $541.1 million of other-than-temporary impairment charges recorded on its mortgage securities.

SAN DIMAS, Calif. – WesCorp FCU this afternoon reported a massive $538 million loss for the month of June, due to $541.1 million of other-than-temporary impairment charges recorded on its mortgage securities.

COLUMBUS, Ohio – Corporate One FCU yesterday reported an $8.2 million loss for the first six months of the year, which it attributed to $17.1 million of charges on its mortgage-backed securities.

NATIONAL HARBOR, Md. – Credit union executives are doubtful the $6 billion tab they will be paying for the corporate bailout over the next seven years will be enough to resolve the corporate meltdown and most are expecting additional charges.

SAN DIMAS, Calif. — Credit union executives are angry at the payout of Bob Siravo, the former CEO of WesCorp FCU, who received a $6 million payout after he was fired when NCUA took the $34 billion corporate under conservatorship.

BIRMINGHAM, Ala. — With the returns being paid by corporate credit unions lagging some other alternatives, the question of whether to invest in corporates varies among natural-person CUs, according to CEOs and CFOs interviewed by Credit Union Journal.

SAN DIMAS, Calif. – Credit union executives are angry at the payout of Bob Siravo, the former CEO of WesCorp FCU, who received a $6 million payout after he was fired when NCUA took the $34 billion corporate under conservatorship.

WASHINGTON – NCUA Chairman nominee Deborah Matz promised stronger oversight of the corporate credit union system during confirmation hearings before the Senate Banking Committee yesterday and denied a role in the agency’s easing of corporate restrictions.

ALEXANDRIA, Va. – NCUA declared that its Temporary Corporate CU Share Guarantee Program, enacted to stem an outflow of funds from corporate credit unions, will cover accrued dividends posted before the failure of any corporate participating in the program.

ALEXANDRIA, Va. — The NCUA Board last week began a hurried bid to stop credit unions from converting to private deposit insurance in order to escape assessments for the corporate credit union bailout.

ALEXANDRIA, Va. — The NCUA Board this morning began a hurried bid to stop credit unions from converting to private deposit insurance in order to escape assessments for the impending NCUSIF premium.

ALEXANDRIA, Va. – The NCUA Board will begin efforts Thursday to plug a loophole in the agency’s regulations that could allow credit unions to avoid paying their share of the $6 billion corporate bailout by converting to private deposit insurance.

LENEXA, Kan. – Credit unions will have to wait longer still to close their books for 2008 because U.S. Central FCU said last week it still is not ready to issue its audited financials for the year.