Credit unions

WASHINGTON – The House voted passage this afternoon of a bill passed by the Senate last week which will enact the corporate credit union bailout.

WASHINGTON – The House voted passage this afternoon of a bill passed by the Senate last week which will enact the corporate credit union bailout.

WASHINGTON – The House could vote as soon as today on a bill to give NCUA broad new powers to bail out the corporate credit union network, virtually rendering moot hearings scheduled for tomorrow on the new corporate bailout bill.

LENEXA, Kan. – Last week’s first quarter report by U.S. Central FCU gave corporate credit unions a glimmer of hope on recovering an additional $500 million of membership capital shares in their failed corporate.

CLEVELAND — While Lee Butke, president of Corporate One FCU, told Credit Union Journal that member support for Corporate One continues to be strong, he acknowledged the frustration credit unions are feeling, kicking off a session at the Ohio league's annual meeting here by asking, "Does anyone have rocks to throw at me?"

WASHINGTON — A bill introduced in the House last week would allow credit unions to stretch out the costs of the $6-billion corporate credit union bailout for as long as eight years, adding impetus to the bid to ease the burden on the 7,800 natural person credit unions that are paying the freight.

HIGHTSTOWN, N.J. — A survey of its affiliated credit unions by the New Jersey Credit Union League regarding corporate credit unions and NCUA's Stabilization Plan found:

LENEXA, Kan. – U.S. Central FCU reported yesterday it has increased the expected charges on its investment portfolio for 2008 from $1.2 billion reported in January to a whopping $3.8 billion.

WASHINGTON – The new corporate credit union bailout bill introduced in the House yesterday is widely expected to be combined with one or more other bills seeking to ease the burden of the $6 billion corporate plan on credit unions.

WASHINGTON – A new bill introduced in the House this morning would allow credit unions to stretch out the costs of the corporate bailout for as long as eight years and it would provide as much as $30 billion in new funding to NCUA to help stem a systemic crisis.

WASHINGTON – A new bill introduced in the House this morning would allow credit unions to stretch out the costs of the corporate bailout for as long as eight years and it would provide as much as $30 billion in new funding to NCUA to help stem a systemic crisis.

WARRENVILLE, Ill. – Members United Corporate FCU, which reported a $511 million loss last week, said it is shedding another CUSO as part if its cost-cutting.

WARRENVILLE, Ill. – Members United Corporate FCU, which reported a $511 million loss last week, said it is shedding another CUSO as part if its cost-cutting.

BISMARCK, N.D. — Two of the four corporates that initially balked at signing onto NCUA's corporate share guarantee program have now signed on after revisions were made to the plan. The two remaining corporates had not yet made a decision at press time.

WASHINGTON — After five days of debate, the Senate overwhelmingly passed the bill last week containing funding for the corporate credit union bailout but one major question looms: is it enough?

ALEXANDRIA, Va. — NCUA said the nation's 27 corporate credit unions will have to charge-off more than $1.5 billion of capital they held in U.S. Central FCU, pushing most of them below regulatory minimums and, in many cases, forcing their member credit unions to write-down the value of their own capital.

WASHINGTON – The Senate overwhelmingly passed the bill containing funding for the corporate credit union bailout yesterday but one major question emerges as the bill is sent over to the House for its concurrence: is it enough?

WASHINGTON – The Senate cleared almost 20 amendments to the corporate credit union bailout bill at the end of yesterday’s debate in preparation for a final vote on the bill this morning.

PLANO, Texas – Southwest Corporate FCU told its members yesterday it expects to take a charge of as much as $194 million to capital as a result of the loss of its shares in U.S. Central FCU.

MADISON, Wis. – Charges related to the corporate credit union bailout helped eliminate almost $6 billion in credit union capital in March, depleting industry capital from 10.3% at the end of February to a 15-year-low of just 9.6% at March 31.